Exploration & Production | Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update
BP Axes Utica Development Plans After Poor Appraisal Results
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BP has reported its financial results for the first quarter of 2014 as well as a new development regarding its Utica Shale operations.
Following on from the decision to create a separate BP business around its US lower 48 onshore oil and gas activities, and as a consequence of appraisal results, BP has decided not to proceed with development plans in the Utica shale. The Upstream result includes a write-off relating to the Utica acreage.
Financial ResultsUnderlying replacement cost profit1 for the quarter was $3.2 billion, compared with $2.8 billion for the previous quarter and $4.2 billion for the first quarter of 2013. Operating cash flow in the quarter was $8.2 billion.
The company also announced a quarterly dividend of 9.75 cents per ordinary share to be paid in June, 8.3% higher…
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