Lates News

British Petroleum (BP.N) stated that its oil trading business profit soared due to the Iran war, leading to a significant increase in energy prices and a substantial growth in profits in the first quarter. In its financial report, BP stated that adjusted net profit more than doubled year-on-year to $3.2 billion, with a notable increase in the net debt indicator of about 14%. The company had previously forecasted its oil trading performance to be "exceptionally strong," benefiting from the rise in oil prices, while also avoiding the significant production cuts that some competitors faced due to its relatively small asset size in the Middle East. The profit growth has provided a boost for new CEO Meg O'Neill, who is tasked with reducing debt, streamlining the company structure, and exiting unsuccessful low-carbon investment projects. BP stated that the strong production performance of its assets in the Gulf of Mexico and U.S. shale oil offset the disruptions in the Middle East.