BP beat analyst expectations on Tuesday, as higher crude prices and rising production levels helped to fast-track a recovery in one of Europe's largest oil and gas companies.
Here are the key first-quarter metrics:
- Underlying replacement cost profit, used as a proxy for net profit, came in at $2.586 billion in the first-quarter vs. $2.2 billion expected by a company-provided analyst consensus.
- First-quarter production rose to 3.7 million barrels per day, up 6 percent from the previous year.
The British oil giant posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.586 billion. That was enough to beat forecasts of $2.2 billion for the first three months of 2018, according to a company-provided survey of analysts.
"We have delivered another strong set of results. Our safe and reliable operations and strong financial delivery have continued into 2018," BP CEO Bob Dudley said in a statement.
"Moving through 2018 we're determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns," he added.