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BP posts STG402m Q1 loss amid slump

Press AssociationPress Association 26/04/2016

Embattled oil giant BP has posted more hefty losses in the first three months of the year, just two weeks after suffering an investor rebellion over its chief executive's pay deal.

The group reported a first quarter loss of STG402 million ($A754.65 million) against profits of STG1.8 million a year earlier as it continues to suffer from sharply lower oil prices.

But on an underlying basis, the group defied expectations for a loss, posting adjusted profits of STG367 million, although this was down sharply on the STG1.8 profits a year earlier.

The figures come after BP was dealt an embarrassing blow at its annual general meeting earlier this month when almost 60 per cent of shareholders rejected its remuneration report for the last year, which included a pay deal of STG13.8 million for chief executive Bob Dudley.

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