BP eyes cash flow boost despite Q1 slide
British oil giant BP (NYSE: BP) has forecast a 2014 operating cash flow of US$31bn amid robust offshore activity and downstream gains.
The projection represents a 50% increase on the 2011 figure and considers an average crude price of US$100/b, BP said in a results presentation.
"Relative to 2013, this reflects the higher expected contribution from major projects in the upstream, the continuing ramp-up of the Whiting refinery and some reversal of the working capital builds seen in 2012 and 2013," BP said.
The company expects capital expenditure to average US$24bn-26bn/y over the next five years, "providing the platform to continue to grow shareholder distributions," BP added.
The London-based firm reported first quarter replacement-cost profit of US$3.23bn, down from US$4.22bn during the year-ago period.
According to BP, replacement-cost profit excludes inventory gains or losses.
Production for the first quarter fell 9% to 2.13Mb/d amid maintenance shutdowns in the Gulf of Mexico and the North Sea.
BP's Latin America portfolio includes upstream and downstream assets in Brazil and Trinidad & Tobago.
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News in: Petrochemicals (Brazil)
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