Energy giant bp has published its first quarterly results since announcing a "fundamental reset" of strategy in February, revealing a $700million (£522million) global profit.
The figure - which covers the firm's world-wide assets, not specifically its UK/North Sea ones - compares to a loss of almost $2billion (£1.49billion) in the fourth quarter of 2024.
Last month, bp CEO Murray Auchincloss spoke publicly about the firm's dramatic strategy shift away from renewable projects and focusing on oil and gas.
Now, as bp announced its 2025 Q1 results, he said: "In February, we announced a fundamental reset of our strategy - to grow the upstream, focus the downstream and invest with discipline in the transition - and we have already made significant progress.
"So far this year we have started up three major projects, made six exploration discoveries and have progressed our divestment programme - all while delivering strong operational performance, with over 95% upstream plant reliability supporting the best operating efficiency on record, and over 96% refining availability.
"We continue to monitor market volatility and changes and remain focused on moving at pace.
"I'm confident that our plans to strengthen the balance sheet, reduce costs, and improve cash flow and returns will grow long-term shareholder value and strengthen the resilience of bp."
Kate Thomson, chief financial officer, added: "In the first quarter, we delivered resilient financial results and are in action to improve the performance of bp.
"Underlying RC profit grew quarter-on-quarter to $1.4billion (£1.04billion) and we have made good progress on our plans to deliver on our structural cost reduction target.
"Our financial frame provides us with flexibility through cycle. We continue to optimise investment plans and now expect 2025 capital expenditure of around $14.5billion (£10.81billion).
"We are also making good progress on divestments and now expect proceeds of $3-4billion this year.
"This underpins our confidence in meeting our net debt target of $14-18billion by the end of 2027.
"For the first quarter, we have announced a dividend per ordinary share of 8 cents and a share buyback of $750million (£559.26million)."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 42-points at 8,404 shortly after opening this morning.
Brent crude oil futures were down 0.64% trading at $64.10 a barrel.
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