bp records huge profits but levels down from last year

Oil and gas major bp has reported another set of strong results as energy prices remain high.

Profits hit $5 billion (€4.55 billion) in the first three months of this year, the BBC reported, although this was down from $6.2 billion (€5.6 billion) last year with oil prices having fallen from the peak seen after Russia's invasion of Ukraine.

BP reported record annual profits last year as the company - along with the rest of the energy sector - benefitted from the surge in oil and gas prices following Russia's invasion of Ukraine.

It has led to big profits for energy companies, but also fuelled a rise in energy bills for households and businesses.

Nick Butler, a former BP executive and visiting professor at Kings College London, said the strong results had come “from a good internal business performance but also from high prices around the world”.

He told the BBC's Today programme the firm's profits were likely to “come down quite a lot this year” as oil and gas prices were falling back.

“That will have an impact on the revenue they get and the taxes they pay," he added.