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BP First Quarter Profit Comparison (USD Billions)
Comparison of BP underlying replacement cost profit between the current year and previous year.
Primary Sources
BP profits more than double as oil prices soar in Iran war - The Guardian
BP has provoked outrage by revealing its profits more than doubled in the first quarter of this year after its oil traders reaped the benefit of the war in Iran.The energy company capitalised on a surge in global oil market prices to report better than expected profits of $3.2bn (£2.4bn) for the first quarter, more than double the $1.38bn it made in the same period last year.The company credited “exceptional oil trading” for its highest quarterly profit since 2023, triggering an immediate backlash from campaign groups and calls for tougher windfall taxes on fossil fuel companies.In her first results as BP’s new chief executive, Meg O’Neill, said that, despite facing “an environment of conflict and complexity”, the company was playing its part to “keep oil, gas and refined products flowing”.The global energy market has faced the greatest supply crisis in history, according to the International Energy Agency, after Iran throttled exports of oil and gas from the Gulf by seizing control of the strait of Hormuz, leading to record market price increases in recent weeks.The international benchmark reached highs of $119.50 a barrel in March before a record release of emergency stockpiles helped to cool the market. The Brent crude price was up 3% on Tuesday to about $111 a barrel, its highest level since 7 April, the day the US-Iran ceasefire was agreed.The conflict has also resulted in damage to vital Gulf energy infrastructure, including BP’s Rumaila oilfield in southern Iraq, which was targeted by drone attacks. The multibillion-dollar repair bills are expected to keep a lid on profits for big oil companies in the future.Oil price chartO’Neill said BP’s employees had been working “relentlessly to keep our assets producing safely, reliably and efficiently” and was “working with customers and governments to get fuel where it’s needed, helping minimise disruption and the impact it can have on people’s lives”.O’Neill added that BP was ready to work closely with the Iraqi government to return production at Rumaila “as soon as possible” once shipping restrictions via the strait of Hormuz were lifted.Campaigners said the “horrifying” profits had come at the expense of millions of energy consumers who have little choice over their reliance on fossil fuels.Maja Darlington, a climate campaigner for Greenpeace UK, said the war had been “an entirely predictable disaster for everyone except the oil industry. BP’s profits are booming, with Trump’s bombs bringing billions for ...
BP Profits Surge as Iran War Oil Shock Hits Consumers and Businesses
BP’s profits have more than doubled after the Iran war pushed oil prices higher, but the market story is not only that an energy major earned more. It is that the same shock feeding BP’s trading income is now moving through fuel prices, household bills, company margins and the UK’s argument over who should carry the cost of energy volatility. BP reported first-quarter underlying replacement cost profit of $3.2 billion, up from $1.38 billion a year earlier, after a strong quarter for oil trading. Reuters reported that the result beat analyst expectations by about 20%, while BP’s customers and products business, which includes trading, delivered $3.2 billion in pre-tax profit. The question for investors, households and policymakers is blunt: when oil prices jump, who keeps the upside and who gets the bill? BP is on the right side of the first trade. War in the Middle East has made oil harder to price, harder to move and more valuable to companies with trading desks, storage, logistics and access to global supply routes. Brent crude has climbed sharply since the start of the conflict, and disruption around the Strait of Hormuz has turned a regional war into a global energy-pricing event. The profit engine in BP’s results was not a production boom. Reuters reported that BP’s gas, low carbon, oil production and operations units were slightly below expectations, while the customers and products division carried the quarter. That changes the investor read because trading gains are not valued in the same way as repeatable growth in output, reserves or contracted cash flow. In plain terms, BP made money from volatility as much as from energy demand. When crude prices swing and supply routes tighten, large integrated energy companies can gain from timing, hedging, storage, routing and trading spreads. Smaller firms, households and energy-intensive businesses do not have the same tools. They take the price. That is the transfer at the centre of the story. BP’s trading desk can monetise a broken market. Consumers cannot hedge their commute. A food distributor cannot easily avoid diesel costs. A manufacturer cannot always pass higher energy bills to customers without losing orders. The oil shock rewards financial and logistical scale, then sends the cost down the chain. For BP investors, the quarter arrives at a useful moment. The group is under new chief executive Meg O’Neill and still has to prove that stronger earnings can support balance sheet repair and shareholde...
Iran war: BP profits more than double as oil trading booms on soaring ...
BP profits more than double as oil trading booms on soaring crude prices amid Iran war The FTSE 100 firm's preferred profit measure soared to a better-than-expected $3.2bn in the first quarter
BP Profit Jumps as Oil Trading Boomed During Iran War
BP Plc's posted earnings that far exceeded analyst expectations in the first quarter, as energy market turmoil caused by the Iran war led to a surge in profits from its oil trading operation.
