 posted a profit for the first quarter of 2017, after a solid increase in oil prices.){kind=link}
Oil giant BP (LON:BP) posted a profit for the first quarter of 2017, after a solid increase in oil prices.
The $1.4 billion profit comes after several quarters of disappointing performance, culminating a $485 million loss for the same period last year. Oil prices have since seen a 35 percent rise from their record lows in 2015, boosting profits at several of the large oil producers.
Revenue from BP’s core oil and gas production division drove the strong results, with underlying replacement cost profit hitting $1.5 billion, an increase from the $532 million reported a year ago. Operating cash flow rose to $4.4 billion from $3 billion a year earlier, with reported oil and gas production 5 percent higher than same period in 2016.
Chief executive Bob Dudley said 2017 had “started well” for the company, adding that:”BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust.”
BP is the latest of several large oil companies to report an increase in earnings; last week, Exxon Mobil Corp reported its best quarter since 2015 and French group Total SA saw its profits surge 77 percent in the first quarter.
BP shares are currently trading up 2.07 percent at 451.65 (0854GMT).