BP share price

BP recorded its highest quarterly earnings in more than a decade on the back of soaring prices for hydrocarbons and “exceptional” trading revenues, ...

BP Expands Buybacks After 'Exceptional' Trading Performance · Accounting charge of $25.5 billion is taken on Russia exit · Firm pledges major investments in U.K. ...

Other commodities traders from Bunge Ltd. to Glencore Plc have also posted stronger profits, aided by the unprecedented volatility caused by the war. The company comfortably surpassed analysts’ expectations after an “exceptional” first quarter for its oil and gas trading business. BP Plc boosted its share buybacks by $2.5 billion as cash flow surged, offsetting some of the discomfort caused by a $25.5 billion charge linked to its planned exit from Russia.

Last year BP laid out a 10-year plan to reduce its oil and gas production by 40%, and boost spending on low carbon energy to $5bn a year, in order to try and ...

Unfortunately, in the absence of a transition strategy this has had the effect of exacerbating the current supply crunch, with little sign that global demand is slowing. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. We’ve already heard chancellor of the exchequer Rishi Sunak suggest that he is looking at doing this unless the energy companies commit to more spending than they currently are in this area. During that year the company lost $20.3bn, as it sought to cut its debt levels as well as right-size its business model for the challenges in diversifying away from its legacy business model of fossil fuels. With oil and gas prices at elevated levels, and energy companies enjoying an unexpected windfall in terms of higher profits, politicians have been responding to populist pressure to impose windfall taxes to help ease the rising cost of living. This was followed by a profit of $12.8bn last year, which prompted calls from some politicians for a windfall tax amid accusations that oil companies were profiteering.

BP reports a bigger than expected leap in profits from its operations as it books a series of one-off costs related to the war in Ukraine.

"The war and the high geopolitical tensions has brought about a surge in the oil price which is up 40% since the start of the year, spiking in the first weeks of the war at $139. The TUC was among organisations to accuse the company of rewarding shareholders at a time when it was profiting from the war in Ukraine. British-based BP said it was making a greater commitment to domestic energy security through a £18bn investment over the next eight years, which would include money for North Sea oil and gas - operations that would generate £1bn in taxes for the UK Treasury this year alone. The company reported a net profit of $6.25bn for the January-March period - its highest in over a decade - thanks to strong oil and gas prices that had already proved lucrative before Vladimir Putin's invasion of Ukraine. BP has reported a loss of $20.4bn (£16.3bn) for the first quarter of the year but faced a renewed backlash over gushing profits from its oil and gas operations. BP reports a bigger than expected leap in profits from its operations as it books a series of one-off costs related to the war in Ukraine.