BP reports profits of $5 billion for first three months of 2023

Oil and gas giant BP has reported underlying profit of $5 billion for the first three months of this year, down from $6.2 billion in the corresponding period last year.

However, the performance was ahead of analysts’ expectations.

The company, led by Irishman Bernard Looney, announced a further $1.75 billion share buyback.

“This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations,” Bernard Looney, ...