BP profits boosted by TNK-BP sale in first quarter

Replacement cost (RC) profits at oil heavyweight BP jumped in the first quarter as the company saw a large windfall from its sale in the TNK-BP joint venture.

Replacement cost (RC) profits at oil heavyweight BP jumped in the first quarter as the company saw a large windfall from its sale in the TNK-BP joint venture.

The company posted an RC profit (which strips out the effect of movements in the oil price) of $16.60bn for the first three months of 2013, up from $4.78bn the year before after a net gain of $12.4bn for the disposal of its TNK-BP stake.

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