BP Lubricants Q1 Report

Resilient operational and financial performance

• $5.0bn underlying earnings
• Net debt* reduced to $21.2bn

The first quarter reported a headline profit of $8.2 billion. Allowing for post-tax adjusting items of $3.7 billion and an inventory holding loss of $500 million, our underlying replacement cost profit was $5.0 billion, despite the backdrop of lower average commodity prices.

Operating cash flow was $7.6 billion in the first quarter. This included a working capital build of $1.4 billion, after adjusting for inventory holding losses, fair value accounting effects and other adjusting items.