Dow Jones reported on May 1 that BP has announced its strongest quarterly profit since mid-2014, thanks to rising oil prices and increased production, and that the oil giant’s efforts to restore growth have also begun to bear fruit.
BP announced that in the first quarter, the replacement cost profit (similar to the U.S. oil company’s net profit index) was US$2.4 billion, compared to US$1.4 billion in the same period of last year.
BP's oil and gas production in the first quarter increased by 6% year-on-year. The company is still implementing a production recovery strategy and is striving to restore production to the past level by the beginning of the second decade of this century.
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