Better than expected BP profits

BY MAL ROGERS

BP has reported profits just short of $5 billion in the first three months of the year.

The energy giant said profits had risen from the $4.8 billion delivered in the final quarter of last year due to “exceptional” performance in its gas marketing and trading business.

Bernard Looney, the Kenmare-born chief executive officer said: “This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations. Momentum continues to build across our integrated energy company strategy, with the start-up of Mad Dog Phase 2, our agreement to acquire TravelCenters of America and progress towards hydrogen and CCS projects in the UK. And importantly we continue to deliver for shareholders, through disciplined investment, lowering net debt and growing distributions.”

The results come in the face of falling oil and gas pricesand profits were higher than the earnings for the fourth quarter of 2022 and above estimates.

The better-than-expected results triggered renewed calls among politicians and campaign groups for action to close “loopholes” in the windfall tax levied against North Sea oil producers, according to The Times.

Sir Keir Starmer joined in the criticism, saying Labour would use the profits made by