BP profit soars to highest in over decade

STORY: BP announced a first quarter loss of $20.4 billion on Tuesday (May 3) - its biggest ever.

It comes after the British energy firm wrote down $24 billion to leave its Russia business following Moscow's invasion of Ukraine.

That included a near 20% stake in oil giant Rosneft.

But what BP called the 'exceptional' performance of its oil and gas trading division helped offset the losses.

It also saw the company record its strongest operational performance in over decade.

Underlying profit more than doubled from a year before to $6.2 billion - beyond analyst expectations.

It cited strong refining margins and higher oil and gas prices.

Global refining margins have soared in recent months as economies recover from the global health crisis.

BP also said it would boost its quarterly share repurchases to $2.5 billion before the end of the second quarter.

Its profits follow similar performances by rivals like Chevron and Exxon Mobil, which saw a sharp rise in revenue in the quarter.

BP shares were up more than 3% in morning trade.