ALBAWABA - British oil giant BP reported a net profit of $4.96 billion in the first quarter of this year, surpassing expectations but below the exceptional levels recorded in the same period of 2022, the firm said in a report.
British Petroleum's results were affected by a decline in oil and gas prices, which reached their peak following the outbreak of the Russian-Ukrainian war.
The company also announced a share buyback worth $1.75 billion, which is expected to be completed before the announcement of results for the second-quarter of the year.
It said that it completed the previously announced purchase of shares worth $2.75 billion.
The data showed a decline in net debt in the first quarter of 2023 to $21.2 billion, down from $27.5 billion in the corresponding period last year.
