Oil giant BP records 71 per cent rise in profits

Oil giant BP has reported a massive 71 per cent jump in first-quarter profit amid higher oil and gas prices and increased production.

The London-based company also saw revenues climb 22 per cent to 68.1bn, while its pre-tax profits surged 85 per cent $3.9bn (£2.8bn) in the three months to March.

Bob Dudley, chief executive, said BP had delivered a “strong set of results”, adding: “Moving through 2018 we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.”

However, the company also saw its debt pile rise following $1.6 billion in payments to settle remaining lawsuits following the 2010 oil spill in the Gulf of Mexico.

BP launched 7 oil and gas fields in 2017 and was set to inaugurate 5 more projects this year including in Egypt, Azerbaijan and the UK North Sea, according to Reuters.