Energy

Energy giant beats first-quarter estimates

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LONDON — British energy major BP on Tuesday reported better-than-expected earnings for the first quarter, following a period of stronger commodity prices and a brighter demand outlook.

It comes as oil and gas majors seek to prove to investors that they have gained a more stable footing amid the ongoing coronavirus crisis.

BP’s first-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $2.6 billion. That compared with a profit of $115 million in the fourth quarter and $791 million for the first quarter of 2020.

Analysts had expected BP to report first-quarter profit of $1.4 billion, according to Refinitiv.

The London-based energy giant said the result was…



Source cnbc.com

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