BP Plc boosted its share buybacks by $2.5 billion as cash flow surged, offsetting some of the discomfort caused by a $25.5 billion charge linked to its planned exit from Russia.
The company comfortably surpassed analysts’ expectations after an “exceptional” first quarter for its oil and gas trading business. Other commodities traders from Bunge Ltd. to Glencore Plc have also posted stronger profits, aided by the unprecedented volatility caused by the war.
