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

Novatek installs Arctic LNG 2 GBS

Russian LNG exporter Novatek has completed the installation of the first gravity-based structure platform which will serve its Arctic...

SEFE, Ksi Lisims LNG seal long-term LNG supply deal

German gas and LNG importer Securing Energy for Europe (SEFE) has signed a long-term LNG sale and purchase agreement with Ksi Lisims LNG for volumes from the latter’s planned export project in Canada.

China’s Hengli wins orders for 52 LNG-powered container vessels

China’s Hengli Heavy Industry has secured orders from international shipping firms, including MSC, for 52 ultra-large LNG dual-fuel container vessels.

More News Like This

Inpex takes stakes in BP’s Indonesian blocks

Japan's Inpex has acquired 50 percent participating interests each in two of BP's Indonesian offshore blocks where multiple gas and oil fields have been discovered.

BP to sell Browse LNG stake to Osaka Gas

UK-based energy giant BP has agreed to sell a 5 percent stake in the planned Woodside-led Browse LNG project in Australia, which would deliver natural gas from the Calliance, Torosa, and Brecknock fields to the existing Karratha gas plant, to Japan's Osaka Gas.

BP, XRG secure license for Venezuela offshore gas field

UK-based energy giant BP, Adnoc's international investment unit XRG, and a unit of Qatar's UCC have secured a license to explore and develop the second phase of Venezuela's offshore Loran gas field.

BP to take full control of Trinidad gas project

UK-based energy giant BP has agreed to acquire Woodside’s 70 percent interest in the Calypso gas project in Trinidad and Tobago, increasing its stake to 100 percent and assuming operatorship.