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Bp q1 profits surge on russian joint venture sale London(Ap)Bp's sale of its russian joint venture helped it more than triple firstquarter 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 oneoff gain from the sale of its stake in TNKBP.Oil companies.Bp's nonreplacement cost net profit was $16.6 billion against $5.7 billion this time last year. Group ceo bob dudley said the results"Demonstrate the progress bp is making true religion phoebe tote in delivering the performance milestones. "Investors certainly thought so, and the stock was trading 3.5 percent higher in London at 473 pence. Bp announced last month that it was buying back $8 billion of shares using money from the sale of its stake in russian joint venture tnkbp to rosneft.Bp now holds a total 19.75 percent interest in Rosneft. The results come at a very uneasy time for the company, which has been functioning under a cloud since the 2010 well blowout in the gulf of mexico that killed 11 workers.Some 200 million gallons of oil spilled, smearing the shoreline of several states and fouling the gulf of mexico.Government investigations blamed the spill on costcutting and timesaving decisions made by bp.A trial in new orleans to determine the company's civil liability just Clarisonic Mia 2 wrapped up its first phase. Billions moncler women jackets are at stake. Even as it tries to deal with the aftermath of 2010, Michael Kors Handbags UK bp is streamlining and undergoing dramatic change, said equity analyst keith bowman of hargreaves lansdown stockbrokers.He said the oil giant continues to shrink, with production down 5 percent yearoveryear,"Although new production opportunities are being cultivated. " "In all, underlying progress is being made,"Bowman said.Legal settlement is lifted, bp remains a higher risk investment in a traditionally lower risk sector, with consensus opinion currently denoting a hold, albeit a strong one. " The first louis vuitton bags uk phase of the trial wrapped up earlier this month, featuring testimony by witnesses for the federal government, a team of private plaintiffs' attorneys, rig owner transocean ltd.And cement contractor halliburton.This part of the trial is meant to identify the causes behind the bp's macondo well blowout and will assign fault to the companies. The second phase of the trial will start in september.This part of the trial will explore bp's efforts to stop the flow of oil and assess how much spilled. "While the final decision rests with the court, bp believes the evidence and testimony presented at trial confirms that it was not grossly negligent and that the accident was the result of multiple causes, involving multiple parties,"The company said in a statement. The total charge for the gulf of mexico oil spill remained at $42.2 billion. Society cultureinvestment company informationgulf of mexico oil spillgulf of mexico Yahoo news originals Despite shutdown threat, house passes louis vuitton spending bill that delays obamacare for one year cheerleader coach's team delivers surprise wedding proposal iranian president rouhani takes to twitter after phone chat with obama obama has historic call with iran leader, warns gop about shutdown breaking bad viewership:New mexico, new york post most facebook updates about 'breaking bad' 25 republican senators reject cruz strategy to defund obamacare pop quiz:What's wrong with the tea party?Senate puts obamacare funding back into spending bill and sends to house republicans twoyearold dances to beyonc like a pro procrastinaut:Ten things to waste your time with this weekend