BP refinery in Lingen, Germany (aerial view from drone).
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British energy chief BP It reported stronger-than-expected first-quarter profit on Tuesday after oil and gas prices rose due to the Middle East conflict.
The oil giant posted underlying replacement cost profit, which is used as a proxy for net profit, of $3.2 billion for the first three months of the year. It beat analyst expectations of $2.63 billion, according to the LSEG-compiled consensus.
The company said the results reflected “exceptional” oil trading contributions and strong midstream performance.
BP’s net profit stood at $1.38 billion in the same period last year and $1.54 billion in the last three months of 2025.
This comes as oil and gas companies have experienced a significant rise in share prices as fossil fuel prices have surged since the US-Israeli war against Iran began on February 28.
The ongoing and serious disruption in the strategically important Strait of Hormuz has resulted in what the International Energy Agency has described as the greatest energy security threat in history.
BP’s shares have surged over the past 12 months, with the company becoming the subject of intense takeover speculation after years of relative underperformance.
The London-listed stock’s rally has continued this year. Shares rise more than 32% in 2026, meaning BP is second only to France total energy One of the top five oil supermajors.
BP’s board faced a shareholder revolt at its annual general meeting last week after a tense clash with investors over corporate governance and climate transparency.
The company failed to gain majority shareholder approval on two highly anticipated proposals that would have allowed online-only AGMs and eliminated two company-specific climate disclosure obligations.
It formed part of a wider investor revolt at the AGM, resulting in weaker-than-usual support for BP chairman Albert Manifold and stronger support for a motion calling on the energy major to justify its capital discipline on oil and gas investments.
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