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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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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.
·Hamburg, Germany
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Bozeman Daily Chronicle
Bozeman Daily ChronicleBP'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 war in Iran continues and the average price for gasoline hit a new high for the year in the U.S.
·United States
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Coverage Details
Total News Sources72
Leaning Left12Leaning Right14Center22Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 25%
C 46%
R 29%
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