London [UK], April 29: British energy giant BP on Tuesday reported a sharp increase in profits in the first quarter as crude oil prices soared amid the Middle East war.
Oil prices have risen since the start of the US-Iran conflict on February 28, often swinging violently in response to the war's ever-changing headlines. BP's profit after tax jumped to $3.8 billion for the January-March period from $687 million in the same quarter a year earlier, London-listed BP said in an earnings statement. The closely followed underlying profit figure more than doubled to $3.2 billion from $1.4 billion the previous year, a figure that "reflects exceptional oil trading contribution", the statement said.
"Overall, our business continues to run well. This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets," said CEO Meg O'Neill, who was appointed at the end of last year to replace Murray Auchincloss.
The group had announced in mid-April that it expected to benefit from rising oil prices, noting that the price of Brent North Sea crude, the international benchmark, averaged $81.13 a barrel in the first quarter, up from $63.73 in the fourth quarter of last year.
Source: Qatar Tribune