BP’s $4.2 Billion Profit Beats Forecasts
LONDON — BP reported first-quarter profit of $4.2 billion on Tuesday, after adjustment for inventory changes and one-off items, handily beating analysts’ forecasts.
Even though profit was 11 percent lower than the same quarter last year, Peter Hutton, an analyst at RBC Capital Markets in London, called the report “a very positive set of results.” Shares in BP rose more than 3 percent in London trading after the earnings announcement.
Mr. Hutton said BP had earned 30 percent more than analysts’ forecasts thanks to start-ups in Angola and Norway and better performance in Trinidad. Mr. Hutton also said costs had been lower than expected.
The chief executive, Robert W. Dudley, said in a statement that “these strong first-quarter results demonstrate the progress BP is making.”