BP posts best quarter results for three years, profits rise to $2.6bn

BP's turnaround is continuing after it posted its best quarterly fiscal results for three years.

The oil and gas giant has steadily been rebuilding its reputation and financial health since the Deepwater Horizon disaster where 11 people were killed as a result of an oil rig explosion in the Gulf of Mexico.

For the first quarter of 2018, BP recorded profits of $2.6bn, a 71% rise from the same period in 2017. Revenues increased by 22% to $68.1bn, with a particularly noticeable increase in performance in its upstream operations.

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"We have delivered another strong set of results," said Bob Dudley, Group Chief Executive. "Our safe and reliable operations and strong financial delivery have continued into 2018. Moving through the year we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.

"Over the longer term, our new lower carbon ambitions, including clear targets for our own emissions, will help ensure that all of BP is also focused on advancing the energy transition."

Last week, Business Chief profiled Helge Lund, the former Statoil CEO who is set to replace Carl-Henric Svanberg as BP Chairman in January.