BP Profit More Than Doubles to $3.2 Billion on Iran War Trading
BP said first-quarter profit more than doubled to $3.2 billion, helped by stronger oil trading and higher prices as the war with Iran drove volatility across energy markets. The result was BP's highest since 2023, with the company pointing to exceptional oil trading and seasonal inventory builds.
Even with the stronger earnings, cash generation was weak and net debt rose despite the favorable price environment. BP also said it plans to reduce its reliance on hybrid bonds to about $9 billion from roughly $13.4 billion.
From the sources (9 posts)
@cnbcOil major BP beats profit expectations as Iran war boosts fuel prices
@businessBP says earnings jumped in the first quarter as the Iran war led to a surge in profits
@ftBP profits hit highest since 2023 on back of Iran war
@javierblasBIG OIL 1Q EARNINGS: BP opens the reporting season with a significant beat on adjusted net income, although cash generation was on the weak side. Net debt went up despite a favourable price environment. BP plans to reduce its reliance on
@joumannatvIran War windfall for BP: highest profits since 2023, a blowout quarter * driven by surge in profits from its oil trading operations & soaring oil prices. Cite "exceptional oil trading" and "seasonal inventory builds" * Has been best perfo
@wallstengine$BP posted Q1 underlying replacement cost profit of $3.2B, more than double Q4’s $1.54B and ahead of the $2.67B consensus, as its oil traders benefited from Middle East volatility. The customers and products unit earned $2.5B, up from $1.4B
@reutersBP quarterly profit more than doubles to $3.2 billion, driven by Iran war trading boon
@middleeastmntBP just reported $3.2bn in Q1 profits more than double last year’s $1.38bn, thanks to soaring oil prices after the Iran war broke out. The company calls its oil trading performance “exceptional.”
@wsjBP’s quarterly earnings more than doubled as its oil traders capitalized on market volatility triggered by the war with Iran