BP reported first-quarter underlying profits of $3.2 billion. This figure represents a 130% increase over the same period last year. The results significantly exceeded analyst forecasts of $2.67 billion.
Management attributed the performance to exceptional oil trading gains. These gains followed price volatility linked to conflict in the Middle East. BP remains a major holding in energy ETFs such as VDE.
The results mark the company's highest quarterly profit since 2023. Brent crude prices recently traded above $110 per barrel.
BP shares rose 2% in early trading following the announcement. This performance may influence the broader energy sector.