Low oil price pushes BP to $485m loss

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BP has sunk to a $485m (£334m) loss for the three months to March as low oil prices took their toll.

The loss, on the replacement cost measure, compared with a $2.1bn profit for the same period last year, but lower than the $2.2bn loss for the three months to December.

The oil giant took another $900m charge for the 2010 Gulf of Mexico oil spill, taking the total to $56.4bn.

It was still unable to estimate its liability for civil claims.

Chief executive Bob Dudley said he expected global oil supply and demand to balance towards the end of the year, which could help push prices higher.

“Operational performance is strong and our work to reset costs has considerable momentum and is delivering results,” he said.

Brent crude averaged $34 a barrel in the quarter, compared with $44 in the last three months of 2015 and $54 in the first quarter last year.

Despite the slide in the oil price, BP has held the quarterly dividend at 10 cents a share, expected to be paid in June.

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Low oil price pushes BP to $485m loss
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