BP PLC posted a 17 percent increase in net profit for the first quarter as higher oil prices helped to offset continued costs stemming from the Deepwater Horizon oil-spill disaster last year. The U.K.-based energy giant said Wednesday net profit for the quarter was $7.12 billion, compared with $6.08 billion a year earlier. Total revenue for the quarter rose 18.7% to $88.31 billion from $74.42 billion.
“There were some quite hefty forecasts that BP could take the $41 billion [in spill charges to date] significantly higher,” but it only marked down an additional $400 million, said analyst Jason Kenney of ING. “There’ll be a sigh of relief on that one.”
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