BP profit more than doubles as oil price volatility boosts trading

BP’s underlying replacement cost profit more than doubled in the first quarter to $3.2 billion from $1.38 billion a year earlier, beating analyst expectations, the company said.

BP said the results were supported by an “exceptional” oil trading performance, stronger refining margins and higher crude prices amid Middle East tensions.

Profit attributable to shareholders rose to $3.84 billion from $687 million a year earlier, while revenue increased to $52.26 billion.

BP shares rose in London after the results were released.