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BP has revealed that underlying profits more than doubled over the past quarter.

The London-listed oil giant reported that underlying replacement cost profits – a measure preferred by BP – surged to $8.2 bn (£7.1 bn), compared with $3.3bn (£2.9bn) a year earlier.

It was significantly ahead of the $6.1bn (£5.3bn) expected by market analysts.

Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.

Bernard Looney, chief executive officer of BP, said: “This quarter’s results reflect us continuing to perform while transforming.

“We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy.”

He added: “We are providing the oil and gas the world needs today – while at the same time investing to accelerate the energy transition.”

It comes amid calls for a higher windfall tax on the profits of oil and gas giants.

Earlier this week, the UK’s outgoing climate minister called for this tax expanded on “excessive” oil profits.

Last week,oil giant Shell said it recorded profits of £8bn in the latest quarter, double those for the same period as last year.

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