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Key takeaways

  • BP’s adjusted net profit doubled in the first quarter to 3.2 billion dollars, thanks to high oil prices.
  • The company managed to offset production disruptions caused by the conflict in the Middle East by ramping up output in the Gulf of Mexico.
  • New CEO Meg O’Neill now faces challenges such as reducing debt and restructuring, despite the strong financial performance.

British oil giant BP has reported that adjusted net profit in the first quarter doubled to around 3.2 billion dollars (2.7 billion euros), compared with 1.4 billion dollars in the same period last year. This sharp increase in profitability is largely attributable to high oil prices stemming from the ongoing conflict in the Middle East.

Limiting disruptions and increasing production

Despite its relatively limited activities in the region, BP has managed to contain the production disruptions caused by the war that the United States and Israel have launched against Iran. Increased oil production in the Gulf of Mexico has helped to offset these losses.

The strong financial performance provides a boost for new CEO Meg O’Neill, who faces challenges such as cutting debt, organisational restructuring and reassessing costly investments in low-carbon projects. O’Neill had earlier announced that BP would suspend its share buyback programme in order to invest in oil and gas.

Focus on global energy supply

In a statement, O’Neill praised the crucial role played by the energy sector in maintaining the global energy supply amid a complex geopolitical landscape. BP’s shares rose by 3.23 per cent today to 590.90 points. (fc)

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