Home Business NewsOil giant BP records 71 per cent rise in profits

Oil giant BP records 71 per cent rise in profits

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1st May 18 9:10 am

As output grows, but debt rises

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 (ยฃ2.8bn) in the three months to March.

Bob Dudley, chief executive, said BP had delivered a โ€œstrong set of resultsโ€, adding: โ€œMoving through 2018 weโ€™re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.โ€

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.

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