Oil major BP beats profit expectations as Iran war boosts fuel prices
The oil major beat analyst forecasts as its trading arm capitalized on volatile crude prices driven by the Iran war.
- The FTSE 100 firm reported profits of $3.2 billion for the first quarter, more than doubling the $1.38 billion recorded last year and exceeding analyst expectations of $2.67 billion.
- Conflict with Iran beginning on February 28 closed the Strait of Hormuz, restricting about 20% of global oil supplies and pushing Brent crude prices to about $110 a barrel from around $73.
- Crediting an "exceptional" performance in its trading division, the group's customers and products unit reported profits of $2.5 billion, driving the quarterly surge.
- These results mark the first quarter under Meg, who took over as chief executive at the beginning of April, replacing Murray Auchincloss after less than two years.
- She noted the industry operates in an "environment of conflict and complexity," adding that the firm is "working with customers and governments to get fuel where it's needed" to minimize disruptions.
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Soaring BP profits are not an outrage
This week, news broke that BP is expected to post a bumper profit this quarter. The announcement is likely to grate with British motorists. With petrol prices still stubbornly high, at over £1.50 per litre, it sits uneasily that a major energy company is reporting such strong earnings while consumers continue to face elevated costs [...]Read More...
The energy giant BP reported results above expectations in the first quarter, the profit more than doubling from last year, on the basis of the strong rise in oil and gas prices, reports CNBC.
BP doubles its profits as Iran war elevates oil prices
BP earned $3.2 billion in the first quarter, the energy giant reported Tuesday — an exponential increase in its profits that beat market projects amid the rising cost of oil due to the Iran war. It’s the company’s highest profit in three years and first reported sign of growth under CEO Meg O’Neill, who was…
Boston Herald
BP’s profit more than doubles in 1Q as Iran war continues and US gas prices rise
BP’s profit more than doubled in the first quarter as the Iran war continues and the average price for gasoline hit a new high for the year.
The British oil giant BP has more than doubled its profits at the beginning of the year. The price jumps on the oil market triggered by the Iran war contributed to this. Expectations were significantly exceeded.
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