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BP reported first-quarter net profit of $3.2 billion on Tuesday, more than double last year’s figure.
BP, Shell, and TotalEnergies' Q1 profits surged due to exceptional oil trading amid Iran war disruptions.
KEY POINTS
- BP trades about 12 million barrels per day, 10 times its own upstream production.
- TotalEnergies' refining and chemicals segment profit more than quintupled year-on-year to $1.6 billion.
- The Iran conflict trapped 13% of global oil supply in the Gulf, creating massive arbitrage opportunities.
- U.S. oil majors like Exxon and Chevron largely avoid large-scale trading, unlike European competitors.
COMPANIES
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