BP Bounce Back Continues As Profits Jump 71 Percent

British Petroleum saw a 71 percent jump in its profits for the first quarter Tuesday, benefiting from the rise in oil and gas prices and increased production.

BP reported a net income of $2.6 billion, according to Reuters. This tops their initial prediction of $2.2 billion according to to a company-provided analytics survey.

BP’s profits for 2017 total $1.5 billion, and they also managed to net $2.1 billion during the fourth quarter of 2017, Reuters reported. The company’s first quarter production is up 6 percent from one year ago.

“Moving through 2018, we’re determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns,” Chief Executive Officer Bob Dudley said in a statement, according to Reuters.

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