UK oil and gas company BP announced on Tuesday that it lost more than $20 billion in the first quarter of 2022, mostly due to its divestment from the Russian energy giant Rosneft, APA reports citing Sputnik.
"Loss attributable to bp shareholders in the first quarter was $20.4 billion compared with a profit of $4.7 billion in the first quarter of 2021," BP said in the Q1 2022 financial report, adding that its decision to exit its 19.75% shareholding in Rosneft and other businesses with Rosneft in Russia resulted in the loss of $1.5 billion and $24 billion in pre-tax charges.
At the same time, the company noted that its operating cash flow in the first quarter grew from $6.1 billion to $8.2 billion compared to last year.
"Underlying replacement cost profit was $6.2 billion, compared with $4.1 billion for the previous quarter. This was driven by exceptional oil and gas trading, higher oil realizations and a stronger refining result, partly offset by the absence of Rosneft from the first quarter underlying result," the statement read.
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