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The jump in net profit and accompanying 44 percent rise in revenue to $89.2 billion (57.1 billion euros) were well ahead of analysts' expectations.
Evolution Securities analyst Richard Griffith said the results showed that operational improvements BP Chief Executive Tony Hayward made his priority when he took the reins a year ago are well advanced.
Hargreaves Lansdown analyst Keith Bowman said BP had posted "an exceptional set of numbers."
"Although this should not come as a complete surprise, given historically high energy prices, management have been battling against a serious of operational difficulties and the results may indicate that challenges are being won," he added.
BP shares jumped 5.5 percent to 610 pence ($12.05).
Hayward, who replaced John Browne, has focused on bringing new production and refining capacity on line to improve earnings, which have lagged behind rivals such as Exxon Mobil Corp. and Royal Dutch Shell PLC.
BP's closely watched replacement cost profit rose 48 percent to $6.59 billion (4.34 billion euros), compared with $4.44 billion in the first quarter of 2007.
The replacement cost figure is viewed by many analysts as the best measure of an oil company's underlying performance.
Crude oil reached hit a then-record $111.80 per barrel during the quarter in March, while gas jumped an average of 22 percent over the quarter. Crude reached an all-time record $119.93 on Monday.
BP said its total oil and gas production for the first quarter of this year was unchanged at 3.91 million barrels of oil equivalent a day due to the impact of lower entitlement in production sharing agreements. Adjusted for the impact of these agreements, BP said production was 5 percent higher than the first-quarter of 2007, reflecting the ramp up of new projects in the fourth quarter.
However, it added that it will take a smaller share of output from production-sharing agreements in some countries if the price remains over $100 in 2008, offsetting the underlying growth in production.
Refining margins were significantly weaker at $4.57 a barrel, compared with $9.45 a barrel a year ago. Margins improved in the second quarter of 2008, but still remain lower than last year, BP said.
Charles Stanley & Co. analyst Tony Shephard said the company's recovery still had some way to go.
"BP is still not firing on all cylinders but its operational turnaround looks to be on track with a strong second half recovery in prospect," he said.
The benefit from a recommissioning of refineries in Whiting, Ind. and Texas City, Texas, refineries would be more apparent in the second half, he said.
