BP profit rose on higher oil prices
The company will buy back $500 million of shares in the second quarter
Stocks impacted: BP PLC (BP)
The British energy giant said that it rebounded into net profit in the first quarter due to higher oil prices. BP's profit more than tripled to $2.6 billion. It also has achieved its target of reducing net debt below $35 billion, paving the way for the company to resume share buybacks. The firm said it will buy back $500 million of shares in the second quarter to offset the dilution from an employee share distribution program. Earnings after taxation hit $4.7 billion in the three months to the end of March, compared to a loss of $4.4 billion in the same period last year. BP expects global oil inventories to fall to historic levels by the end of 2021. BP stocks were 3% higher following the report before trimming gains to 2%.
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