BP Reports Surprise Profit on Strength in Refining, Trading
- Analysts had expected a loss following crude oil's collapse
- Company says it can balance books at about $50 to $55 a barrel
BP Sees Surprise Profit Gains on Refining, Trading
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BP Plc, the first oil major to report first-quarter earnings, posted a surprise profit as a stronger-than-expected refining and trading performance helped mitigate the lowest crude prices in more than a decade.
Profit adjusted for one-time items and inventory changes totaled $532 million compared with $2.6 billion a year earlier, the London-based company said on Tuesday. Analysts had expected a loss of $244.9 million. BP was the third-biggest gainer in the FTSE 100 Index.