BP’s quarterly profit surges

Energy giant and LNG player BP reported a big rise in its quarterly profit on the back of higher oil and gas prices.

The UK-based company’s underlying profit hit $2.63 billion in the first quarter, rising from $791 million in the same period a year ago.

In addition, profit also surged when compared to the previous quarter of $115 million.

The firm attributed the rise to an “exceptional gas marketing and trading performance, significantly higher oil prices and higher refining margins.”

BP also said it would buy back $500 million of shares in the second quarter to offset dilution from an employee share distribution programme.

Moreover, the company slashed its net debt by $5.6 billion to reach $33.3 billion at the end of the quarter.

Most Popular

Posco International, Glenfarne ink Alaska LNG pact

US energy firm Glenfarne and Posco International, a unit of South Korean steel producer Posco, have signed a deal to advance a strategic partnership for the development of the Alaska LNG project. This includes initial terms for a long-term heads of agreement for LNG supply.

Monkey Island LNG pens offtake MoU

Houston-based Monkey Island LNG, the developer of a 26 mtpa liquefaction and export facility in Cameron Parish, Louisiana, said it had signed a memorandum of understanding with an unidentified international oil company for the offtake of LNG.

Hudong-Zhonghua gets approvals for new LNG bunkering vessel

Chinese shipbuilder Hudong-Zhonghua has received approvals from five classification societies for a 25,000-cbm LNG bunkering vessel design it jointly developed with French LNG containment specialist GTT.

More News Like This

Botas pens three-year LNG supply deals with BP, Shell, and Eni

Turkiye’s state-owned natural gas and LNG firm Botas has signed three-year deals to buy LNG from BP, Shell, and Eni.

Baker Hughes scores Tangguh LNG gig

US energy services firm Baker Hughes has secured a long-term service agreement award from UK-based energy giant BP for its Tangguh LNG plant in Papua Barat, Indonesia.

Kosmos: Tortue FLNG to hit full capacity in Q4

UK-based energy giant BP and its partners expect the 2.7 mtpa Golar FLNG Gimi, which serves the Greater Tortue Ahmeyim LNG project offshore Mauritania and Senegal, to reach its nameplate capacity in the fourth quarter of this year, according to US-based Kosmos Energy.

BP names new chair

UK-based energy giant and LNG player BP has appointed Albert Manifold to succeed Helge Lund as chair of the company.