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Strong hydrocarbon trade boosts BP’s profit, which is preparing buybacks

By Ron Bousso and Shadia Nasralla

LONDON, Apr 27 (Reuters) – BP’s first-quarter profit soared to $ 2.6 billion, thanks to rising oil prices and windfall revenues from the natural gas trade, while the energy company said it plans to resume the share buyback in the third quarter.

BP’s net debt fell by $ 5.6 billion to $ 33.3 billion at the end of March, mainly due to $ 4.8 billion in sales and rising oil prices.

This brought debt below the $ 35 billion target ahead of schedule, paving the way for it to deliver on its share buyback promise.

BP’s recurring profit at replacement costs in the first quarter, which is the company’s definition of net profit, was $ 2.6 billion, far exceeding the forecast of $ 1.64 billion in an analyst survey conducted by the BP. business.

This figure contrasts with a profit of $ 110 million in the fourth quarter of 2020 and a profit of $ 790 million a year earlier.

“This result was driven by exceptional performance in gas trading, significantly higher oil prices and higher refining margins.”

(Reporting by Ron Bousso, edited by Louise Heavens; translated by Darío Fernández)

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