A BP company logo at a gas station in London, U.K.
Chris Ratcliffe | Bloomberg | Getty Images
BP reported first-quarter profit largely in line with expectations on Tuesday, citing lower oil prices and a weaker margin environment at the start of the year.
Its first-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $2.4 billion, versus $2.3 billion expected in a Reuters poll.
BP's results coincided with a significant recovery in oil prices through the first three months of the year.
International benchmark Brent crude and U.S. West Texas Intermediate (WTI) have risen by approximately 33% and 40% year-to-date.
The value of a barrel of Brent crude stood at $71.82 Tuesday morning, while WTI traded at $63.43.
Shares of BP are up more than 11% since the start of 2019.
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