What did BP attribute its 'exceptional' first-quarter trading results to, and what was the impact on its net debt?

BP attributed its 'exceptional' first-quarter trading results to the spike in oil prices triggered by the U.S.-Israeli war against Iran, which led to heightened volatility and trading opportunities. The company stated its net debt would rise to between $25 billion and $27 billion from just over $22 billion in the previous quarter due to movements in working capital—an accounting measure reflecting current assets minus liabilities.

How did Brent crude prices and refining margins change for BP in the first quarter, and what was the financial impact on its refined products business?

Brent crude averaged around $78 a barrel in the January-to-March quarter—up from $63 in the prior quarter and $75 a year earlier—driven by geopolitical escalation including U.S.-Israeli strikes on Iran, Tehran’s closure of the Strait of Hormuz, and attacks on Gulf neighbors. Refining margins rose to $16.9 a barrel from $15.2 in the previous quarter, boosting BP’s refined products business results by $100 million to $200 million.

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