BP returns $1.4bn (£1.1bn) profit compared to $485m (£377m) loss a year ago

BP has returned to profitability on the back of recent oil price increases which are about 35% up on this time last year.

The oil major has shown a $1.4bn (£1.1bn) profit, on the replacement cost measure, compared with a $485m (£377m) loss a year earlier.

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BP chief executive Bob Dudley said: “Our year has started well. BP is focused on the disciplined delivery of our plans. First quarter earnings and cash flow were robust.”

The energy giant is set to begin eight projects this year – including in Oman and Azerbaijan – the largest number in its history in a year and hopes to add 800,000 barrels a day of new production by the end of the decade.

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