BP delivers unexpected tripling of its profit

British oil group BP has just concluded a strong first quarter on account of rising oil prices.

Photo: Aker BP ASA, Pressefoto

Oil company BP surprised the markets in this year's first quarter, booking a profit three times as large as that of last year's first quarter and thus far surpassing analyst expectations.

The aggregate profit at BP, measured by the industry standard replacement cost profit, came to USD 1.51 billion (EUR 1.4 billion), relative to USD 532 million in the same period last year. Analysts surveyed by Bloomberg News had projected growth leading to USD 1.21 billion.

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