BP (BP) Q1 Profit Hits $3.2 Billion, Doubling Year-on-Year

BP (BP) reported a first-quarter underlying replacement cost profit of $3.2 billion, surpassing analyst expectations of $2.63 billion. This figure represents more than a doubling from $1.38 billion net profit in the same quarter last year. The surge in earnings is attributed to higher oil and gas prices due to the ongoing Middle East conflict, resulting in a 3% increase in BP's share price. The company also reported a net debt of $25.3 billion and reaffirmed its 2026 capital expenditure guidance of $13 billion to $13.5 billion.