bp beats profit forecasts in first quarter

The energy giant has reported profits of $5 billion for the first quarter

Energy giant bp has announced that its first-quarter profits were higher than expected, with a total of $5 billion (£4bn) in profits reported, which was more than the $4.3 billion (£3.4bn) that analysts had previously predicted.

The profits are down from the $6.2 billion (£4.9bn) that the company made in the same period last year.

The news has prompted calls for energy companies to pay more tax, particularly as households continue to face high bills.

Last year, the UK Government introduced a windfall tax, the Energy Profits Levy, to be applied to profits made from extracting UK oil and gas.

The tax was intended to help fund the government’s scheme to lower gas and electricity bills.

Bernard Looney, the Chief Executive Officer of bp, has highlighted the company’s strong performance and strategic delivery in the first quarter, emphasizing their focus on safe and reliable operations.

He added that the company has made progress in various areas, including the start-up of Mad Dog Phase 2, the acquisition of TravelCenters of America and hydrogen and carbon capture and storage projects in the UK, while also “delivering for shareholders through disciplined investment and growing distributions”.

In response to bp’s profits of $5 billion (£4bn), Greenpeace UK‘s Senior Climate Advisor, Charlie Kronick said: “bp’s profits are still surging – and we’re the ones picking up the tab.

“It’s time for the government to step in and force bp – and the rest of the oil industry – to start paying for the damage they’re causing to the climate and use the money to address the devastating climate impacts already being experienced around the world.”

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast