BP’s Q1 profit climbs on higher prices

UK-based energy giant and LNG player, BP almost tripled its profits in the first quarter of this year as it benefited from higher oil and gas prices.

Profit adjusted for one-time items and inventory changes increased to $1.51 billion from $532 million in the first quarter in 2016.

BP’s first-quarter profit exceeded analysts’ average forecast of $1.26 billion, according to Reuters.

The company’s replacement cost profit was $1.4 billion, compared to a loss of $485m in the same period a year ago.

Oil prices rose about 35 percent in the quarter under review as compared to the same period last year.

Production for the quarter was 2,388mboe/d, a rise of 3 percent from the first quarter of 2016.

“We have shown continued operational momentum – it was another strong quarter for the downstream and the first of our seven new upstream major projects has started up, with a further three near completion. We expect these to drive a material improvement in operating cash flow from the second half,” Bob Dudley, BP chief executive said.