BP reported a 71 percent jump in profit in the first quarter on Tuesday, driven by higher oil and gas prices and increased production as it undergoes an era of rapid growth, Reuters reports.
London-based BP reported first-quarter underlying replacement cost profit, the company’s definition of net income, of $2.6 billion, exceeding forecasts of $2.2 billion, according to a company-provided survey of analysts.
That compared with a profit of $1.5 billion a year earlier and $2.1 billion in the fourth quarter of 2017.
First-quarter production rose to 3.7 million barrels per day, up 6 percent from a year earlier.
“Moving through 2018, we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns.” Chief Executive Officer Bob Dudley said in a statement.