BP\n \n reported underlying profit of $5 billion for the first three months of the year. That’s down from $6.2 billion a year ago — after Russia’s invasion of Ukraine sent oil and gas prices soaring — but still almost double the $2.6 billion it reported for the first quarter of 2021. The result reflected an “exceptional” performance from its gas marketing and trading arm and a “very strong oil trading” performance, BP said in a statement.
It left its quarterly dividend unchanged from the fourth quarter. Notwithstanding Tuesday’s slide, BP’s shares are up more than 7% this year, helped by the company’s renewed investment drive into oil and gas — a move that has led it to water down some of its earlier climate commitments. BP still plans to be a net-zero emissions business by 2050, but it has backed away from a target to slash oil and gas production 40% from 2019 levels by 2030.
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