Oil company BP says its production remained steady in the first quarter of its financial year compared with the previous quarter.
BP said in a trading statement today it produced about 4.09 million barrels of oil equivalent per day (boepd) in the first quarter.
This was up slightly compared with the same period in 2004, when BP produced 4.0 million boepd. However, investors may be a little disappointed that BP's high margin non-Russian production again showed a drop year-on-year.
Non-Russian production was 3.13 million boepd compared to 3.18 million boepd in the first quarter of last year.
BP raised production 10 per cent last year, one of the best performances in the sector, although this was driven primarily by the growth in highly-taxed Russian oil output.
Shareholders will be heartened that BP's liquid and gas realisations - the prices the company actually receives for its products - were in line with benchmarks, which hit new highs in the first quarter.
In the previous quarter many oil companies' realisations lagged the soaring benchmarks.
BP said margins at its refining division, a star performer last quarter, will be lower in the first quarter, due to scheduled turnaround activity and foreign exchange impacts.
BP said it will book $1.1 billion in gains on disposals including the sale of its interest in the Ormen Lange field.
