BP profits boost shares

BP’s profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill.

BP’s shares rose about 2% but were still down by 11% this year. The oil and gas company joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly thanks to higher oil and gas prices.

Oil prices rose by 50% in the past year to around $54 a barrel in the first quarter.