BP's first-quarter profit more than doubled year-on-year to $3.2 billion - its highest in two-and-a-half years - the British oil major reported on Tuesday, beating…
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BP's first-quarter profit more than doubled year-on-year to $3.2 billion - its highest in two-and-a-half years - the British oil major reported on Tuesday, beating expectations after the Iran war helped boost oil trading results.
The spike in oil prices triggered by war has helped European majors reap billions of dollars from the energy supply crunch.
BP had already flagged an exceptionally strong quarter for its trading desk. Its customers and products business, which includes the trading business, recorded a profit of $3.2 billion before interest and tax, beating an average analyst estimate of $2.5 billion.
Results at BP's gas and low carbon and oil production and operations units came in slightly below expectations.
The company's underlying replacement cost profit, its version of net income, of $3.2 billion compared with expectations of $2.67 billion in a company-provided poll of analysts and $1.38 billion a year ago.
BP said fuel margins are expected to "remain sensitive" to the cost of supply and conditions in the Middle East, while it expects 2026 reported upstream production to
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