{"text":[[{"start":7.1,"text":"BP’s profits surged to their highest since 2023 in the first quarter, blowing past expectations, as its oil traders capitalised on the volatility sparked by the Iran war."}],[{"start":19.35,"text":"The UK energy major on Tuesday reported adjusted profit of $3.2bn for the first quarter, above the $2.7bn forecast by analysts and the $1.38bn it made in the first three months of 2025."}],[{"start":34.05,"text":"In its first set of results since Meg O’Neill took over as chief executive this month, BP hailed the “exceptional” performance of its oil trading division. "}],[{"start":42.65,"text":"Underlying profits at the refining and trading division soared to $2.2bn in the first three months of this year from $469mn in the same period last year. "}],[{"start":53.4,"text":"Traders typically benefit from volatility because sharp price swings create larger spreads between buyers and sellers, more opportunities for arbitrage and demand for hedging from customers such as utilities and airlines. Higher profits from trading also saw BP’s effective tax rate drop from 43 per cent to 32 per cent in the quarter. "}],[{"start":73.15,"text":"Shares in BP rose 2.7 per cent in early trading, taking their gain since the US and Israel launched their attack on Iran in late February to more than 20 per cent. "}],[{"start":84.65,"text":"Matthew Lofting, an analyst at JPMorgan, said that while the market “can tend to look through” trading-led results, he expected shares to rise on “an overall solid update”. "}],[{"start":95.35000000000001,"text":"Brent crude, the international oil benchmark, soared from less than $60 a barrel at the start of the year to as high as $119 at its peak during the eight-week conflict as Iran brought traffic through the Strait of Hormuz to a near halt and attacked energy facilities across the Gulf."}],[{"start":111.80000000000001,"text":"On Tuesday, Brent hit $110 a barrel for the first time since early April as the US and Iran appeared to make little progress towards a peace deal. "}],[{"start":121.20000000000002,"text":"O’Neill said BP had been “working relentlessly” to maintain reliable production and was helping countries “get fuel where it is needed” to minimise disruption from the conflict. "}],[{"start":132.10000000000002,"text":"BP added that it was monitoring the impact of the war on its production facilities in Abu Dhabi, Oman and Iraq, which together produce about 309,000 barrels of crude a day, about 17 per cent of its total output. "}],[{"start":145.55,"text":"The London-listed company said it expected its full-year oil and gas production to be lower because of the conflict, without giving details."}],[{"start":154.25,"text":"Its debt, which is closely watched by investors, rose by $3.1bn to $25.3bn in the first quarter, as operating cash flow dipped and its variable operating costs increased 46 per cent to $7.2bn. "}],[{"start":170.85,"text":"BP said it was sticking to a pledge to reduce its net debt to between $14bn and $18bn by 2027. It also said it would not refinance over $4bn of hybrid bonds when they mature."}],[{"start":193.49999999999997,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777366936_9428.mp3"}