The British hydrocarbon giant BP suffered a massive loss in the first quarter following the exit of Russian Rosneft and despite a surge in revenues with the surge in oil and gas prices.
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The group's net loss reached 20.4 billion dollars against a profit of 4.7 billion a year earlier, and turnover jumped to 51.2 billion dollars, up 40.3%, d after a statement on Tuesday.
"
In a quarter dominated by the tragic events in Ukraine and the volatility of the energy markets, BP's priority has been to provide the reliable energy our customers need
," commented Chief Executive Bernard Looney. .
"
Our decision in February to divest ourselves of our stake in Rosneft results in a strong loss (...) but has not changed our strategy, our financial framework or our expectations in terms of distribution to shareholders
", adds -he.
The exit from Rosneft results in a pre-tax charge of $25.5 billion related to the loss of revenue in Russia.
Excluding this massive charge, BP shows an underlying profit of some $6 billion.
BP had announced a few days after the start of the Russian invasion in Ukraine that it was going to leave Rosneft, in which it previously held a 19.75% stake.
"
And it is important to note that BP continues (...) to produce resilient hydrocarbons to ensure energy security while investing rigorously in the energy transition
", continued the managing director.
BP had been present for more than 30 years in Russia and had been a shareholder of Rosneft since 2013.
The British group had specified that it would withdraw from its other interests in Russia.
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