Overview
- BP, which reported results Tuesday, posted adjusted net profit of about $3.2 billion, beating forecasts near $2.7 billion.
- The customer and products unit, including oil trading, earned $3.2 billion before tax in its best quarter since 2022 as sharp price swings created rich margins for buying, storing, and reselling cargoes.
- Higher output in the Gulf of Mexico and BP’s relatively small footprint in the Middle East helped offset regional disruptions, and management said first‑quarter production was roughly steady.
- Net debt rose to about $25.3 billion from just over $22 billion in the prior quarter, and BP moved to cut it by selling the Gelsenkirchen refinery to Klesch and by targeting $4.3 billion of hybrid‑debt reduction by 2027.
- BP shares gained roughly 2.5% to 3% after the release, building on a strong year to date, even as the war-driven jump in oil prices keeps fuel costs high for drivers.