BP’s profit surge in the first quarter of this year probably won’t last, due to the disruption to energy infrastructure since the Iran war began, predicts Kathleen Brooks, research director at XTB.
After BP reported results that “smashed expectations”, Brooks says:
In fairness, an oil major that makes bags of money during an energy price shock should not be a surprise. Its share price was higher by 3%, after it reported profits of $3.8bn, driven by strong oil trading revenue.
This is a good start for new CEO Meg O’Neil, but the question is, will it last? The answer is most likely no, as the company also noted flat production levels due to disruption at its sites in the Middle East.
