Profit lifted by strong trading
BP to purchase 1.75 bln of shares
Shares lower on slowing buyback

LONDON, May 2 Reuters BP made a profit of 5 billion in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading, but the company39;s shares fell as it slowed a share buyback programme.

BP39;s results, which beat forecasts, follow a strong showing by rivals including Exxon Mobil and Chevron last week as oil majors continue to benefit from energy prices that remain strong despite some softening since the start of the year.

BP39;s shares, however, were around 4.5 lower by 0923 GMT compared with a drop of around 1.3 for an index of European oil companies  after it said it would repurchase 1.75 billion worth of shares over the next three months, down from 2.75 billion in the previous three.

Firstquarter underlying replacement cost profit, the company39;s definition of net income, reached 4.96 billion, up from 4.8 billion in the fourth quarter of 2022 and above expectations of 4.3 billion in a companyprovided survey of analysts.

The profit reflects an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result, BP said, noting the partial offset from lower oil and gas prices and refining margins.

Benchmark Brent crude oil prices averaged 81 per barrel in the first three months of the year, down 16 from a year earlier and 7 from the fourthquarter.

BP had…