The decline in upstream earnings more than offset the improvement due to higher downstream margins and increased upstream production. Overall, if we look beyond the volatility in commodity prices, the key takeaway from BP's first-quarter earnings release was the visible improvement in its upstream production and downstream margins. However, the company has been hit hard by the current downtrend of low crude oil prices and its average price realizations in both upstream and downstream segments have suffered as a result. BP is taking measures to reduce its capital spending and overall cost structure in order to be able to better steer through this commodity trough.
from Forbes Real Time http://onforb.es/1ilHdfn
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