BP’s profits have rebounded from last year's losses, and this quarter's earnings have exceeded analysts' expectations. Oil companies have been reporting higher earnings after Russia invaded Ukraine.
British energy giant BP posted a strong quarterly profit on Tuesday even as oil and natural prices that soared after Russia's war in Ukraine last year have eased off.
"This has been a quarter of strong performance and strategic delivery," CEO Bernard Looney said in a statement.Oil companies around the world have been reporting bumper earnings in the wake of Russia's invasion of Ukraine in February 2022, which sent energy prices soaring and curtailed some of Moscow's supplies to the world.
BP said it expected oil demand to "remain elevated" in the second quarter because of a recent decision by some OPEC+ nations to restrict production, combined with strengthening Chinese demand.
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