Photo: Paul Ellis/AFP/Getty Images

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.

  • The company said it produced 3.7 million barrels of oil-equivalent per day in the first three months of the year, which is 6% above the first quarter of 2017.
  • Payments related to the Gulf of Mexico oil spill were $1.6 billion, "including $1.2 billion for the final payment relating to the 2012 Department of Justice settlement," BP said.

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."

  • However, the company's CFO tells Bloomberg that "We’ve reached the peak now for quarterly payments" from the fatal disaster, adding that debt will fall later this year.

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.

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Foreign students could be forced to leave U.S. if colleges move online

Harvard University campus in April 2020. Photo: Maddie Meyer/Getty Images

Foreign college students could be forced to leave the U.S. or transfer schools if their universities move classes entirely online this fall, according to guidance released by Immigration and Customs Enforcement (ICE) on Monday.

Why it matters: Several U.S. colleges and universities — most recently Harvard — have announced plans to move most or all courses online this fall due to coronavirus concerns. Many institutions rely heavily on tuition from international students.

Updated 34 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 11,520,461 — Total deaths: 535,453 — Total recoveries — 6,231,052Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 2,911,888 — Total deaths: 130,090 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
  5. Politics: Cuomo accuses Trump of "enabling" the coronavirus surge — Sen. Chuck Grassley opts out of attending GOP convention over coronavirus concerns.

Amy Cooper charged for calling police on Black bird-watcher in Central Park

A white woman who called 911 to accuse a Black man of threatening her life in Central Park in March faces misdemeanor charges for making a false report, the Manhattan District Attorney's office announced Monday.

The big picture: The May 25 incident, which was caught on film, was one of several viral episodes that helped catalyze massive Black Lives Matter protests against the police killings of Black people in the U.S.