BP
’s oil trading desk enjoyed “exceptional” performance during the first quarter, the energy giant said on Tuesday, thanks to a windfall from the surge in oil prices since the start of the Iran war in late February.
The trading statement, published ahead of official results due later this month, came after a similar update from rival Shell last week.
But BP also told investors its net debt at the end of the first quarter was expected to be in the range of $25-27 billion, up from $22.2 billion in the fourth quarter, due to the need for increased working capital amid a more volatile price environment.
BP’s first-quarter results are due to be published on April 28.
