BP posts $5B quarterly profit on strong oil and gas trading

LONDON (AP) — British energy giant BP has posted strong quarterly profit numbers even as energy prices that soared after Russia’s war in Ukraine last year have eased off. London-based BP said Tuesday that it earned $5 billion in underlying replacement cost profit in the first three months of the year, up from $4.8 billion in the previous quarter. The company said the earnings report “reflects an exceptional gas marketing and trading result” and a “very strong oil trading result.” Oil companies have been reporting bumper earnings in the wake of Russia’s invasion of Ukraine in February 2022, which sent energy prices soaring. It’s spurred demands that they do more to protect consumers squeezed by surging energy bills.