U.K.-based global oil giant BP reported $2.6 billion in first quarter profits on the strength of higher oil prices and higher production, its biggest haul in three years and a rise of 71% from the same period in 2017.
Why it matters: BP is the latest Big Oil giant to report a jump in earnings as crude oil prices have climbed.
The big picture: The total beat analysts' expectations, according to several reports.
Yes, but: Per Reuters, the company "saw its debt pile rise to $40 billion due to the settlement of more lawsuits over the deadly 2010 Deepwater Horizon spill in the Gulf of Mexico which has cost it more than $65 billion."
The markets respond: The company's stock climbed slightly in pre-market trading.
Go deeper: This new Wood Mackenzie podcast takes stock of the supermajors' earnings season, including a look at what's ailing Exxon.
