BP rebounds into Q1 profit

LONDON: British oil giant BP said Tuesday that it rebounded into first-quarter net profit as oil prices recovered from a virus-driven slump.

Earnings after taxation hit $4.7 billion (3.9 billion euros) in the three months to the end of March, BP said in a results statement.

That contrasted sharply with a net loss of $4.4 billion in the same period last year when coronavirus had savaged oil demand and prices.

The company, whose performance was also boosted by a series of asset sales, added that it would begin share buybacks in the next quarter.

“With the acceleration of divestment proceeds, together with strong business performance and the recovery in the price environment, we generated strong cash flow and delivered on our net debt target around a year early,” said chief executive Bernard Looney.