BP net derivative assets top $1.5 billion

Hedging instruments fair values rise while oil prices surge

BP posted $1.5 billion in net derivative assets for the first three months of 2018, almost tripling the amount reported at the end of 2017.

The oil giant had combined current and non-current derivative assets and liabilities of $7.8 billion and $6.3 billion, respectively, as of March 2018. Total derivative assets increased in value by $675 million, or 9.5%, on the previous quarter, whereas derivative liabilities shrank by $248 million, or 4%, over the same period.

Separately, BP also reported