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Higher oil prices and output help BP triple its profit

Oil prices rose by 50% in the past year to around $54 a barrel in the first quarter

Reuters  |  London 

BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill. The British oil and gas company joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly thanks to higher oil and gas prices. Oil prices rose by 50 per cent in the past year to around $54 a barrel in the first quarter. BP expects prices to average between $50 and ...

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First Published: Tue, May 02 2017. 14:37 IST