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.

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