British Petroleum posted its first-quarter figures that came ahead of expectations
One of the largest petroleum companies in the world, British
Petroleum reported first quarter 2021 figures that came beyond the consensus.
The company’s net profit came in at $2.6 billion,
significantly higher than the $791 million reported in Q1 2020. Analysts were
looking for a profit of $1.4 billion. According to BP officials, the results
were driven by “exceptional” and “significant” gas marketing and trading
performance, as well as higher oil
prices and more substantial refining margins.
The London-based company announced that its net debt fell to
$33.3 billion, meaning that it could reduce its debt to $35 billion, hitting
For the future, British Petroleum
plans to resume its share buyback program of around $500 million.
After the news hit the wires, BP stock price traded more
than 2% higher during the London trading hours. Since the beginning of the
year, it gained over 16%.
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