MoneyNewsTop NewsWorld

BP’s profits jump 71% thanks to higher oil prices and production

UNITED STATES (OBSERVATORY) – BP posted a 71 percent jump in first-quarter profit on Tuesday, boosted by rising oil and gas prices and increased production as the company entered a phase of rapid growth.

The London-based company said first-quarter net profit was $ 2.6 billion, beating expectations of $ 2.2 billion in a company survey of analysts. By comparison, the profit was $ 1.5 billion a year ago and $ 2.1 billion in the fourth quarter of 2017.

First-quarter production grew six percent from a year ago to 3.7 million bpd.

“As we move forward in 2018, we are determined to continue to achieve our operational goals and maintain fiscal discipline while developing liquidity and revenue flows,” said Bob Dadley, chief executive of the company.