BP Resumes Buybacks After Q1 Profit Triples

BP (NYSE: BP) is resuming share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and “exceptional gas marketing and trading performance,” the UK-based supermajor said on Tuesday. BP kicked off today Big Oil’s Q1 earnings season, reporting underlying replacement cost profit—its proxy for net profit—of $2.63 billion, up from $791 million for the first quarter of last year and from just $115 million for the fourth quarter of 2020. “This result…