BP (NYSE: BP) beat analyst expectations on Tuesday, as higher crude prices and rising production levels helped to fast-track a recovery in one of Europe's largest oil and gas companies.
In the first-quarter metrics: Underlying replacement cost profit, used as a proxy for net profit, came in at $2.586 billion in the first-quarter vs. $2.2 billion expected by a company-provided analyst consensus.
First-quarter production rose to 3.7 million barrels per day, up 6% from the previous year.
The British oil giant posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.586 billion. That was enough to beat forecasts of $2.2 billion for the first three months of 2018, according to a company-provided survey of analysts.
"We have delivered another strong set of results. Our safe and reliable operations and strong financial delivery have continued into 2018," BP CEO Bob Dudley said.
The world's leading oil companies are set to generate greater amounts of cash in 2018, following a sustained period of cutbacks in recent years.
Nonetheless, while most executives have tended to urge caution amid uncertainty over oil prices in the near and long-term, Dudley had described the company's fourth-quarter figures as their "best earnings in recent history."
The latest figures come at a time when the environment for oil companies is dramatically improving, amid signs the energy market is re-balancing and crude futures have rallied to multi-year highs.
BP shares improved 47 cents, or 1.1%, to $45.07 Tuesday morning.
