Oil major BP beats profit expectations as Iran war boosts fuel prices
BP reported first-quarter profits of $3.2 billion, more than doubling last year's figure due to rising oil and gas prices linked to the Middle East conflict. The results surpassed analyst expectations and were driven by strong trading and midstream performance. CEO Meg O'Neill highlighted continued operational strength and progress toward the company's 2027 goals.
- ▪BP posted an underlying replacement cost profit of $3.2 billion for the first quarter of the year.
- ▪The profit figure exceeded the LSEG-compiled analyst consensus of $2.63 billion.
- ▪Ongoing disruptions in the Strait of Hormuz have created what the International Energy Agency calls the biggest energy security threat in history.
- ▪BP's shares rose 2.5% in morning trading and have gained over 32% this year.
- ▪BP is now second only to France's TotalEnergies among top oil supermajors in year-to-date stock performance.
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British energy major BP on Tuesday reported that first-quarter profits more than doubled from a year ago, following a surge in oil and gas prices driven by the Middle East conflict.The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That comfortably beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus.The company said the first-quarter results reflect "exceptional" oil trading contributions and stronger midstream performance. BP's net profit came in at $1.38 billion over the same period last year and $1.54 billion in the final three months of 2025."Overall, our business continues to run well.
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