据路透社伦敦报道，由于石油和天然气价格以及炼油利润率的下降，与此同时，产量的提高和交易的加强部分抵消下降带来的影响，导致英国石油公司BP的第一季度利润下降了近三分之一，但仍超过了预期。
2014年，该行业低迷，BP在此之后稳定复苏，但此次利润下滑标志着该公司在过去18 个月里，其稳定复苏出现了首次重大缩水。
BP首席执行长Bob Dudley在一份声明中表示：“我们在一个不稳定的时期创造了富有弹性的收益和现金流，这一时期开始于疲软的市场状况，包括重大变化。”
虽然炼油利润率较低，不过，重质原油的折扣更低，这有利于BP位于印第安纳州的原油日加工能力为41.35万桶的惠庭炼油厂，促使BP下游炼油和零售业务的利润仅下降了约五分之一。与此同时，交易的强劲表现（过去常常帮助BP度过动荡的市场），以及零售部门收益的提高，也减轻了下跌的影响。
下游的表现与竞争对手埃克森美孚和雪佛龙形成鲜明对比，后者的交易业务规模小于BP，由于美国汽油价格疲软，他们的利润下降幅度超过预期，埃克森美孚还公布了自2009年以来的首次炼油亏损。法国道达尔利润也出现了下降。
4月份，由于汽油供应紧缩，以及世界各地一系列有计划和无计划的炼油厂停产，炼油利润出现反弹。
总部位于伦敦的BP第一季度基本重置成本利润（该公司对净收入的定义）达到24亿美元，这比去年同期的26亿美元和2018年第四季度的35亿美元有所下降，但仍超过了该公司提供的分析师调查中23亿美元的预测。
上个季度，运营部门的现金流升至4年来的最高水平，但这一季度下降了20%以上，至53亿美元。
RBC资本市场分析师Biraj Borkhataria在一份报告中表示：“我们对BP的中期增长状况和改善现金流框架持建设性态度。”
BP收购必和必拓在美国陆上的页岩气投资组合并启动新项目后，BP第一季度石油和天然气产量（不包括其在俄罗斯石油公司的股份）较上年同期增长2%。
在收购必和必拓和会计报告变动之后，截至3月底，债务与BP市值的比率略有上升，达到30.4%，净债务为451亿美元。
BP表示，预计第二季度炼油厂的维修活动将大幅增加。
詹晓晶摘自路透社
原文如下：
BP's profit slump buffered by higher output, trading
LonDON (Reuters) - BP’s first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.
The slump in profits marks the first significant dent in BP’s steady recovery over the past 18 months following the sector’s 2014 downturn.
“We produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds,” Chief Executive Officer Bob Dudley said in a statement.
Profits from refining and retail operations, known as downstream, fell by around one fifth on weaker margins and narrower discounts of heavy crude oil that benefit BP’s 413,500 barrel-per-day Whiting, Indiana refinery.
The fall was nevertheless mitigated by stronger results from trading, which have often in the past helped the company weather volatile markets, as well as better earnings from its retail division.
The downstream performance contrasts with rivals Exxon Mobil and Chevron, whose trading operations are smaller than BP’s. They saw larger-than-expected falls in profits on weak U.S. gasoline prices. Exxon posted its first loss in refining since 2009.
France’s Total also posted a drop in profits.
Refining margins rebounded in April, boosted by tighter gasoline supplies and a string of planned and unplanned refinery outages around the world.
London-based BP’s first-quarter underlying replacement cost profit, the company’s definition of net income, came to $2.4 billion, exceeding forecasts of $2.3 billion in a company-provided survey of analysts. That was down from $2.6 billion a year earlier and from $3.5 billion in the fourth quarter of 2018.
Cashflow from operations, which had risen to their highest level in four years in the previous quarter, fell by over 20 percent to $5.3 billion.
“We remain constructive on BP for its medium-term growth profile and improving cash flow framework,” RBC Capital Markets analyst Biraj Borkhataria said in a note.
Oil and gas production in the quarter, excluding BP’s stake in Russia’s Rosneft, rose 2 percent from a year earlier following the acquisition of BHP’s onshore U.S. shale portfolio and the start-up of new projects.
Gearing, the ratio between debt and BP’s market value, rose slightly to 30.4 percent as of the end of March following the BHP acquisition and a change in accounting reporting. Net debt was $45.1 billion.
BP said it expected “significantly higher” refinery maintenance activity in the second quarter.
