Bumper first-quarter net profit, massive loss on Russia


BP has further boosted returns to shareholders after net profit jumped to its highest level in more than a decade.

Chris J. Ratcliffe | Bloomberg | Getty Images

BP on Tuesday reported bumper first-quarter profits and boosted share buybacks, despite posting a massive loss after offloading its nearly-20% stake in Russian-controlled oil company Rosneft.

The oil and gas giant’s first-quarter underlying replacement cost profit, used as a proxy for net profit, jumped to its highest level in more than a decade as it came in at $6.2 billion.

That compared with a profit of $4.1 billion in the fourth quarter and $2.6 billion for the first quarter of 2021. Analysts had expected BP to report…


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