BP Emerges as Another Big Winner From the Texas Freeze
- Energy major’s gas trading unit had an ‘exceptional’ quarter
- Company has a ‘long history’ of managing disruptions, CFO says
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Two months on from the winter freeze that paralyzed Texas and sent electricity and gas prices soaring, another big winner has emerged.
BP Plc said Tuesday its gas trading unit had an “exceptional” first quarter, helping to drive profit well above pre-pandemic levels. While executives didn’t spell it out, all signs point to large gains from the frigid weather in Texas.