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The Boston Globe

Business

BP’s profit soars on sale of venture

LONDON — BP PLC’s sale of its Russian joint venture helped it more than triple first-quarter profits, the oil company said Tuesday in a further sign that its disposal program in the wake of the Gulf of Mexico oil spill disaster is on track.

It said its replacement cost profits rose to $16.5 billion from the $4.7 billion for the same period last year, largely reflecting a one-off gain from the sale of its stake in TNK-BP. The replacement cost figure omits gains or losses in inventories, making it similar to profit figures used by US oil companies. BP’s nonreplacement cost net profit was $16.6 billion against $5.7 billion this time last year.

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