BP profits jump 71% in Q1 2018 on rising oil prices

Rising oil prices helped BP grow profits by 71 per cent in the first three months of 2018.

The oil giant reported profits of $2.6bn (£1.9bn) for the first quarter, up from $1.5bn in the same period last year, which “primarily reflects higher oil prices and a favourable foreign exchange impact”.

The group said it produced 3.7 million barrels of oil equivalent per day during the quarter, a 6 per cent rise compared with the first quarter of 2017.

BP made $1.6bn in payments relating to the Gulf of Mexico oil spill, which included $1.2bn for the final payment relating to the 2012 Department of Justice criminal settlement. BP received the biggest criminal fine in US history after the Deepwater Horizon oil spill killed 11 people in April 2010 and saw 4.2 million barrels of oil spilt into the Gulf of Mexico. The group said it expects to pay out $3bn connected with the disaster over the course of 2018.

“We have delivered another strong set of results. Our safe and reliable operations and strong financial delivery have continued into 2018,” said BP’s chief executive.

“Moving through 2018 we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.

“Over the longer term, our new lower carbon ambitions, including clear targets for our own emissions, will help ensure that all of BP is also focused on advancing the energy transition.”