BP shares jumped 5% after reports bumper first-quarter net profit.
BP on Tuesday reported bumper first-quarter profits and boosted share buybacks, despite posting a massive loss after offloading its nearly-20% stake in Russian-controlled oil company Rosneft.
The oil and gas giant’s first-quarter underlying replacement cost profit, used as a proxy for net profit, jumped to its highest level in more than a decade as it came in at $6.2 billion.
That compared with a profit of $4.1 billion in the fourth quarter and $2.6 billion for the first quarter of 2021. Analysts had expected BP to report first-quarter profit of $4.5 billion, according to Refinitiv.
The oil and gas giant also announced a further $2.5 billion in share buybacks.
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