(a) Profit attributable to BP shareholders.
(b) With effect from 1 January 2008, replacement cost profit excludes inventory holding gains and losses net of tax.
Comparative amounts have been amended to the new basis. See page 2 of the Stock Exchange Announcement for further details.
* BP's first-quarter replacement cost profit was $6,588 million, compared with $4,444 million a year ago, an increase of 48%.
* Non-operating items and fair value accounting effects for the first quarter had a net $4 million unfavourable impact compared to a net $36 million favourable impact in the first quarter of 2007 - see further details on page 3. Non-operating items for the first quarter included a pre-tax charge of $307 million for restructuring, integration and rationalization costs associated with BP's forward agenda.
* Net cash provided by operating activities for the quarter was $10.9 billion compared with $8.0 billion a year ago.
* The effective tax rate on replacement cost profit(b) for the quarter was 37%; the rate was 34% a year ago.
* Net debt at the end of the quarter was $23.8 billion. The ratio of net debt to net debt plus equity was 19% compared with 20% a year ago. Net debt has been redefined as described on page 5.
* Capital expenditure, excluding acquisitions and asset exchanges, was $7.1 billion for the quarter. Total capital expenditure and acquisitions was $9.0 billion. Capital expenditure excluding acquisitions and asset exchanges, and excluding the accounting for our transaction with Husky, is expected to be around $21-22 billion for the year. Disposal proceeds were $0.3 billion for the quarter.
* The quarterly dividend, to be paid in June, is 13.525 cents per share ($0.8115 per ADS) compared with 10.325 cents per share a year ago, an increase of 31%. In sterling terms, the quarterly dividend is 6.830 pence per share, compared with 5.151 pence per share a year ago, an increase of 33%. During the quarter, the company repurchased 91 million of its own shares for cancellation at a cost of $1 billion.
Source: BP
