BP beats first-quarter estimates on stronger commodity prices, improving oil demand

CNBC2021-04-27

British energy major BP on Tuesday reported stronger-than-anticipated earnings for the first quarter, following a period of stronger commodity prices and a brighter demand outlook. It comes as oil and...

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Comments

SherylS
2021-04-27
SherylS
Great
MdNasir
2021-04-27
MdNasir
Solar ia the way.
- JoeK:
  ev and solar
- Swetash:
  Yup

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That compared with a profit of $115 million in the fourth quarter and $791 million for the first quarter of 2020.\nAnalysts at Refinitiv had expected BP to report first-quarter profit of $1.4 billion.\nShares of BP are up more than 16% year-to-date.\nThe oil and gas industry was sent into a tailspin last year as the Covid-19 pandemic coincided with a historic demand shock, plunging commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.\nBP reported its first full-year net loss in a decade in 2020 as the global health crisis took a heavy toll on its business operations, with CEO Bernard Looney describing the 12-month period as the “toughest” of his career.\n‘Lingering concerns’\nThe energy company had previously warned of a tough start to 2021, with widespread travel restrictions still in place, but Looney suggested the rollout of Covid vaccines should help to improve investor sentiment.\nOil prices have climbed around 25% since the start of the year, supported by the rollout of Covid vaccines and an improving economic outlook.\nMore recently, soaring Covid infections in India and an expected supply increase from producer group OPEC+ have added downward pressure to oil prices.\nInternational benchmark Brent crude futures traded at $66.24 a barrel on Tuesday morning, up around 0.9% for the session, while U.S.West Texas Intermediate futures stood at $62.47, more than 0.9% higher.\nEarlier this month, the International Energy Agency upgraded its oil demand forecast for 2021, saying market fundamentals appeared “decidedly stronger” when compared with April last year.\nThe Paris-based energy agency tempered its optimism for the year ahead, however, warning that “lingering concerns” persist over the strength of the demand recovery.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":377114285,"gmtCreate":1619505019547,"gmtModify":1704725065523,"author":{"id":"3582593597304970","authorId":"3582593597304970","name":"SherylS","avatar":"https://static.tigerbbs.com/dc7898dad90842fdd0e63f66f59ab682","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582593597304970","authorIdStr":"3582593597304970"},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377114285","repostId":1122721874,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":377111732,"gmtCreate":1619504534026,"gmtModify":1704725058896,"author":{"id":"3571373255567067","authorId":"3571373255567067","name":"MdNasir","avatar":"https://static.tigerbbs.com/7f710cb4dfa7ce6c2ad0e54d32ba876c","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3571373255567067","authorIdStr":"3571373255567067"},"htmlText":"Solar ia the way.","listText":"Solar ia the way.","text":"Solar ia the way.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/377111732","repostId":1122721874,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4147591,"gmtCreate":1619504872276,"gmtModify":1680785817348,"authorId":3575261937306050,"author":{"id":3575261937306050,"idStr":"3575261937306050","authorId":3575261937306050,"name":"JoeK","avatar":"https://static.tigerbbs.com/162445e8b6a553bd412b8a06e3f44c9e","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":377111732,"type":1,"supId":4147576,"prevId":0,"content":"ev and <u>solar</u>","text":"ev and <u>solar</u>","html":"ev and <u>solar</u>"},{"id":4147576,"gmtCreate":1619504712516,"gmtModify":1680785814872,"authorId":3582066628041538,"author":{"id":3582066628041538,"idStr":"3582066628041538","authorId":3582066628041538,"name":"Swetash","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":377111732,"type":1,"supId":0,"prevId":0,"content":"Yup","text":"Yup","html":"Yup"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":10,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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