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BP reports drop in Q1 profits

  • Oil giant BP reported a drop in profits in the first three months of the year.

    Underlying replacement cost profit, which does not include the effect of oil price movements, sat at $4.2 billion, down from $4.7 billion during the same period last year.

    The result beat analysts' forecasts of $3.27 billion.

    With BP's sale of its interest in joint venture TNK-BP, the firm made $16.6 billion in the quarter.

    BP also sold its Texas City refinery in the same period.

    The company has been selling assets to raise funds to cover the costs of the Deepwater Horizon disaster.

    The cumulative cost of the Gulf of Mexico oil spill is estimated at $42.2 billion.

    Tagged as: Q1 profits, Oil giant BP, drop in profits for BP, BP reports drop in Q1 profits