British oil major BP beat expectations in the first quarter on strong results from trading oil and gas, and said it will buy back a further $1.75 billion in shares.
BP’s first-quarter underlying replacement-cost profit—a metric similar to net income that U.S. oil companies report—of $4.96 billion exceeded the $4.27 billion average forecast by 25 analysts in a survey compiled by the company. It compared with $6.25 billion a year prior.
British oil major BP beat expectations in the first quarter on strong results from trading oil and gas, and said it will buy back a further $1.75 billion in shares.
BP’s first-quarter underlying replacement-cost profit—a metric similar to net income that U.S. oil companies report—of $4.96 billion exceeded the $4.27 billion average forecast by 25 analysts in a survey compiled by the company. It compared with $6.25 billion a year prior.