BP posts $5B quarterly profit on strong oil and gas trading
British energy giant BP has posted strong quarterly profit numbers even as energy prices that soared after Russia’s war in Ukraine last year have eased off
By AP News
Published - May 02, 2023, 05:57 AM ET
Last Updated - Jun 22, 2023, 12:10 AM EDT
LONDON (AP) — British energy giant BP posted a strong quarterly profit on Tuesday even as oil and natural prices that soared after Russia's war in Ukraine last year have eased off.
London-based BP said it earned $5 billion in underlying replacement cost profit in the first three months of the year, up from $4.8 billion in the previous quarter. The figure excludes one-time items and fluctuations in the value of inventories.
The company said the earnings report "reflects an exceptional gas marketing and trading result” and a “very strong oil trading result.”
“This has been a quarter of strong performance and strategic delivery,” CEO Bernard Looney said in a statement.
