The writedown of its 19.75% stake in Russian oil giant Rosneft and two other joint ventures pushed BP into a headline loss of $20.4 billion in the quarter.
But BP's underlying replacement cost profit, the company's definition of net earnings, reached $6.2 billion in the first quarter, far exceeding analysts' expectations for a $4.49 billion profit. The profit was driven by"exceptional" performance of BP's oil and gas trading division as well as higher oil and gas prices and strong refining margins.
It compares with $4.1 billion in profit in the fourth quarter of 2021 and $2.63 billion a year earlier. Its 2021 profit was the highest in eight years. The exit from Russia and resulting write down"has not changed our strategy, our financial frame, or our expectations for shareholder distributions," chief executive Bernard Looney said.