BP Profit Falls 80% as Oil Prices Drop

BP reported an unexpected profit of $532 million, contrary to analysts' expectations of a loss. The company reassured investors by maintaining its $0.10 dividend, despite concerns of a cut. Shareholders expressed dissatisfaction with CEO Bob Dudley's pay rise, but the board holds decision power. BP's upstream profits increased, while downstream profits slightly decreased. The company attributes its performance to effective cost management, despite lower oil prices. BP remains optimistic about market balance by year-end, relying on a $60 per barrel oil price by 2017.

What was the unexpected financial result reported by BP?

• A significant loss

• A minor loss

• A significant profit

• No change in profit

How did BP reassure its investors despite the decline in oil prices?

• By cutting dividends

• By increasing dividends

• By eliminating dividends

• By maintaining dividends

What was a surprising aspect of BP's upstream profits?

• They increased despite falling oil prices

• They decreased significantly

• They remained the same

• They were not reported

What factor contributed to better-than-expected refining profits for BP?

• Decreased driving in the U.S.

• Increased driving in the U.S.

• Stable oil prices

• Higher gas prices

What was Piers Hillier's view on BP's financial strategy?

• He criticized their cost management

• He praised their focus on cost management

• He recommended increasing pay

• He suggested cutting dividends

What is BP's financial stability dependent on by 2017?

• Oil prices reaching $70 per barrel

• Oil prices reaching $40 per barrel

• Oil prices reaching $50 per barrel

• Oil prices reaching $60 per barrel

What might BP need to do if oil prices do not reach $60 per barrel by mid-next year?

• Reduce their workforce

• Increase dividends

• Reassess their financial strategy

• Expand their operations