Energy company growth

BP enjoys profits surge as oil price rises

Higher oil and gas prices enabled BP to report a 71% rise in profit in the first quarter.

Underlying replacement cost profit, the company’s definition of net income, hit $2.6 billion (£1.8bn) compared with a profit of $1.5bn in the corresponding period last year and $2.1bn in the fourth quarter of 2017.

First-quarter production rose to 3.7 million barrels per day, up 6% from a year earlier.

 Chief executive Bob Dudley said in a statement: “Moving through 2018, we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.”

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