FX.co ★ BP reports profit in Q1

UK-based British Petroleum (BP) said its net income for the first three months of the year was $1.449 billion compared with the net loss of $583 billion in the first quarter a year ago.

Meanwhile, other major oil companies announced improvement in their financial performance in the first quarter.

Thus, Exxon Mobil reported its best quarter since 2015, Chevron posted a profit of $2.7 billion, after reporting a significant loss for 2016, and French Total saw its profits rise by 77% in January-March.

In the meantime, the world’s oil giants start to weaken the fight against the collapse in the market, which allows companies to pay dividends without incurring debts.

According HSBC, the world’s five largest non-state oil producers, known as the Big Oil supermajors, probably boosted cash from operations by 67%. For the first time since 2012, companies can cover dividends and capital spending without borrowing.

Since 2014, Exxon Mobil, Royal Dutch Shell, Chevron, Total and BP have rejected projects worth billions of dollars and have cut thousands of jobs to reduce the negative impact of the fall in oil prices.