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BP Midstream Partners Reports Pipeline Gains In Q1

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During the first quarter 2021, BP Midstream Partner’s total pipeline throughput was approximately 1.7 million barrels of oil equivalent per day, around 8% higher compared to the fourth quarter of 2020.

Gross throughput on offshore pipelines was approximately 12% higher in the first quarter, compared to the fourth quarter, largely reflecting the absence of adverse weather that impacted offshore producers in the Gulf of Mexico during the fourth quarter of 2020.

Gross throughput on onshore pipelines was broadly consistent with the fourth quarter of 2020, in line with guidance previously provided – seasonally higher throughput on Diamondback was offset by lower throughput on BP2 and River Rouge.

CFO Jack Collins said: “We continue to manage BPMP in a thoughtful, disciplined manner – delivering improved operational results in the quarter which reflected a recovery by offshore producers from hurricane impacts in the fourth quarter of 2020 and delivering financial results consistent with the guidance we provided during our fourth quarter 2020 results call.”

Net income attributable to the Partnership for the first quarter was $42m, around 3% higher compared with the fourth quarter of 2020, and broadly consistent with the same period in 2020. Compared with the fourth quarter 2020, the result reflected higher income from equity method investments during the quarter, driven by increased offshore pipeline throughput; and partially offset by lower operating income associated with onshore pipelines, primarily due to the absence of deficiency revenue relating to BP2 and Diamondback, totaling more than $2m, recognized in the fourth quarter of 2020.

BPMP is a master limited partnership formed by BP Pipelines (North America) to own, operate, develop, and acquire pipelines and other midstream assets.

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