UK giant sees profit rebound

摘要

UNDERLYING profit at BP rebounded in the first quarter of the year to $2.63 billion, up from $791 million in the same period a year ago, as the UK supermajor said it would restart share buybacks after a fall in net debt. BP said the first-quarter profit reflected "exceptionally strong gas marketing and trading" results and stronger oil and gas prices. Net debt fell by $5.6 billion to reach $33.3 billion at the end of the quarter, achieving a target of below $35 billion a year earlier than planned. BP said it had decided to retire the net debt target. Following the strong results, BP said it plans to kickstart share buybacks worth $500 million in the second quarter.