BRITISH energy giant BP today posted net profit of US$8.2 billion (RM36.6 billion) for the first quarter, which compared with a record loss a year earlier as it ended operations in Russia.

In the first three months of 2022, BP recorded its biggest quarterly loss after tax, at US$20.4 billion, as Moscow’s invasion of Ukraine caused its exit from Russian business.

BP had booked a year ago a pre-tax charge of US$25.5 billion after abandoning its 19.75% stake in energy group Rosneft, ending more than three decades of investment in Russia.

That wiped out the positive effect of surging energy prices that were driven by tighter supplies following the invasion by major oil and gas producer Russia. 

BP chief executive Bernard Looney called this year’s first-quarter performance “strong” as the group focuses “on safe and reliable operations”.

The company added that it would return US$1.75 billion to shareholders. – AFP, May 2, 2023.