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BP company logo at a gas station in London, UK.
Chris Ratcliffe | Bloomberg | Getty Images
BP announced Tuesday a profit largely in line with expectations, citing difficult market conditions early in the year.
The British oil giant posted a net profit of the underlying replacement cost of the first quarter of $ 2.4 billion in the first quarter, against $ 2.3 billion forecast in the Reuters poll. This compares to a profit of $ 2.6 billion a year earlier and $ 3.5 billion in the last three months of 2018.
The London-listed company said earnings were supported by stronger results from its oil and gas trading business.
"The results were quite strong given the environment we entered early in the year," Gil Gil Gilary, CFO of BP, told CNBC's "Squawk Box Europe" on Tuesday.
Gilvary said the three-month period ending in March was particularly "hard" due to adverse weather conditions, badet retirement and lower oil prices in January.
"I think oil prices seem pretty firm given the current situation, but we will continue to maintain capital discipline," he added.
BP's results coincided with a significant recovery in oil prices in the first three months of the year. The international benchmark of Brent and WTI (West Texas Intermediate) in the United States has increased about 33% and 40% since the beginning of the year.
The value of a Brent barrel was set at $ 71.82 on Tuesday morning, while the WTI's traded at $ 63.43. BP's shares have increased by more than 11% since the beginning of 2019.
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