BP expects exceptional profits amid oil surge

BP has signaled a major boost in profits, forecasting “exceptional” trading results for the first quarter as volatile oil markets create new opportunities.

The energy giant said its powerful oil trading division is set to benefit from sharp price swings triggered by the U.S.-Israeli strikes on Iran, which disrupted global supply and sent crude prices higher, News.Az reports, citing Reuters.

Global benchmark Brent crude surged to multi-year highs near $120 per barrel after tensions escalated in late February, including the closure of the critical Strait of Hormuz—a key artery for global oil shipments.

Although prices later stabilized, Brent still averaged around $78 per barrel during the first quarter, significantly higher than the previous quarter. This volatility created ideal conditions for trading desks to capitalize on market swings.

BP also reported improving refining margins, which rose to $16.9 per barrel, helping boost earnings in its refined products segment by an estimated $100 million to $200 million.

However, the company warned that its net debt is expected to increase to between $25 billion and $27 billion, up from just over $22 billion in the previous quarter, largely due to changes in working capital.

News.Az 

By Aysel Mammadzada