BP back in Q1 profit after record loss on Russia exit


British energy giant BP reported Tuesday a net profit of $8.2 billion for the first quarter, recovering from a record loss a year earlier as it ended operations in Russia after the Ukraine invasion.

The company had posted for the first three months of 2022 its biggest quarterly loss ever, at $20.4 billion after taxes, after Moscow’s assault on Ukraine and subsequent Western sanctions forced its exit from Russian business.

It resulted in a pre-tax charge of $25.5 billion from abandoning its 19.75 percent stake in energy group Rosneft, ending more than three decades of BP’s investment in Russia.—AFP