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BP Says Focused on Delivering 'Stronger' Balance Sheet Amid Q1 Profit Surge

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-- BP (BP.L) is focused on rebuilding its balance sheet rather than reinstating share buybacks, even as its first-quarter profit surged amid the Middle East conflict, Bloomberg News reported Tuesday.

In a phone interview, Chief Financial Officer Kate Thomson, alongside new Chief Executive Officer Meg O'Neill, said the British energy major is "completely focused right now on delivering a stronger balance sheet," adding that it will cut debt and perpetual hybrid bonds to improve its financial position.

Thomson noted that share repurchases "ultimately will remain a tool as and when appropriate."

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