BP First-Quarter Profit Beats Analyst Estimates on Trading
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BP Plc, Europe’s second-biggest oil company, reported profit that beat analyst estimates because of an improved performance at its fuel trading business. Shares rose.
Earnings adjusted for one-off items and inventory changes fell to $4.2 billion in the first quarter from $4.7 billion a year earlier, the company said today in a statement. That exceeded the $3.2 billion average estimate of 11 analysts in a Bloomberg News survey. Net income tripled to $16.9 billion after BP sold its half of the TNK-BP unit in Russia.