2nd May 2023

BP profit soars in first quarter of 2023

BP reached a $5 billion profit in the first quarter of 2023, increasing regarding the previous three months thanks to strong oil and gas trading, but the company's shares fell as its buyback programme slowed. 

BP's results outperformed forecasts, and are in line with results from rivals including Exxon Mobil (XOM.N) and Chevron. Oil is still benefiting from high energy prices which have fallen somewhat since the start of 2023.