bp plc on tuesday reported impairments of 255 billion following the decision to exit its 1975 shareholding in russias rosneft oil co these noncash charges included 240 billion on the exit from rosnefts share capital and 15 billion related to bps other businesses with rosneft in russia as a result the british energy major booked a net loss of 2038 billion for the first quarter of the yearcompared with a 233 billion profit in the fourth quarter of 2021 our decision in february to exit our shareholding in rosneft resulted in the material noncash charges and headline loss we reported today but it has not changed our strategy our financial frame or our expectations for shareholder distributions chief executive bernard looney said as part of the exit from rosneft mr looney in february resigned from the board of the russian company underlying replacement cost profit the companys preferred metric rose to 625 billion in the first quarter from 407 billion reflecting exceptional oil and gas trading profits higher oil realizations and a stronger refining result this was above the market consensus of 449 billion compiled by bp and averaged from 26 brokers operating cash flow increased to 821 billion from 612 billion net debt was reduced to 2746 billion from 3061 billion bp declared a dividend of 546 cents a share for the first quarter in line with the immediately prior period and a buyback of 25 billion to be executed before its secondquarter results this represents an increase compared with share repurchases of 16 billion during the first quarter as for the second quarter bp forecast that its upstream production will fall reflecting base decline seasonal maintenance and the absence of output from joint ventures in russia however refining margins are expected to be higher and energy prices are expected to remain elevated for the full year 2022 bp continues to expect broadly flat upstream production despite the exit from russia