The oil giant reported profits of $2.6bn (£1.9bn) for the first quarter, up from $1.5bn in the same period past year, which "primarily reflects higher oil prices and a favourable foreign exchange impact".
The company has also demonstrated that despite the general wariness in the industry, the supermajors are investing in new production: in the last quarter, BP made a final investment decision on four new projects-two in the United Kingdom portion of the North Sea, one in India, and one in Oman.
BP said its upstream operations - which cover exploration and production - enjoyed the best quarter since the third quarter of 2014, with underlying profits more than doubling to 3.2 billion U.S. dollars (£2.3 billion).
"Moving through 2018 were determined to keep delivering our operational targets and maintaining capital discipline while growing cash flow and returns".
He added: "Our safe and reliable operations and strong financial delivery have continued into 2018".
Operating cash flow excluding amounts relating to the Gulf of Mexico spill was $5.4 billion which was impacted by a $1.8 billion increase in working capital.More news: MC Mining (MCM) Stock Rating Reaffirmed by Peel Hunt
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The London-based company reported net income of $2.47 billion, up from $1.45 billion in the same period previous year.
BP reported in a statement this morning that its underlying replacement cost profit for the first three months of the year had climbed to $2.6 billion, compared with $1.5 billion in the prior-year period, with the group's upstream division reporting its strongest quarter since third quarter 2014 on both a replacement cost and underlying basis.
Bob Dudley, chief executive, hailed a "strong set of results", which were the oil major's best quarterly performance in three years.
At the same time, the London-based company saw its debt pile rise following $1.6 billion in payments to settle remaining lawsuits following the deadly 2010 Deepwater Horizon spill in the Gulf of Mexico which has cost it more than $65 billion.
First Upstream major project of 2018, Atoll in Egypt, started production; to date in 2018, final investment decisions have been taken on four new projects in Oman, India and two in the UK North Sea.
Shareholder dividend stayed at 10 cents per share. Net debt at the end of March was $40 billion, up from $37.8 billion at the end of 2017. In total, payments are expected to total just over $3 billion in 2018.