BP’s quarterly profit hits $3.3bn as oil price rebounds
by Jillian Ambrose from on (#5H3VV)
Recovery has allowed group to pay off debt and start its $500m share buyback scheme earlier than expected
BP has reported its biggest quarterly profit since the Covid pandemic began, and will hand investors a $500m (360m) cash windfall, as the global oil markets recover from the crisis.
The oil company reported a profit of $3.3bn for the first quarter, up sharply from a loss of $628m in the same period last year, when oil prices began to slide in line with China's economic slowdown.
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