economy
BP profits more than double, beating expectations as Iran war boosts oil prices
The results come shortly after BP's board suffered a shareholder revolt at its annual general meeting.
TL;DR
- BP's first-quarter profit more than doubled to $3.2 billion, surpassing analyst expectations.
- The surge in profits is attributed to rising oil and gas prices, exacerbated by the Middle East conflict.
- BP's CEO highlighted strong operational and financial delivery, with progress towards 2027 targets.
- The company's shares rose 2.5% following the announcement, with year-to-date gains exceeding 32%.
- BP aims to reduce net debt to between $14 billion and $18 billion by the end of next year.
- The company's board faced a shareholder revolt at its annual general meeting concerning governance and climate disclosure.
- Upcoming upstream production is expected to be lower due to seasonal maintenance and Middle East disruptions.