BP profit rises to $5bln in Q1 – report

UK oil and gas BP reported on Tuesday a $5 billion profit in the first quarter, representing the second-best results for the first quarter that it has notched up since 2012 when it made $4.7bn, behind last year’s $6.2bn.

The company posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter as lower oil and gas prices took a toll, according to the report.

The energy company increased its dividend, and said it would reward investors, buying back $1.75bn of its own shares. However, BP said it had incurred $3.4bn of taxes worldwide during the quarter, including $650m on its UK North Sea business.