|
BP profits sharply down |
| Home | (Guardian) - Oil giant BP today reported a sharp fall in first-quarter profits, reflecting lower global oil and gas prices and higher costs. Replacement cost profit, which strips out the impact of inventory gains and losses, fell 17% to $4.36bn (£2.2bn) despite a $363m gain in non-operating income. Production fell slightly reflecting field sales while the average price at which BP was able to sell its production was $53.43 against $55.83 in the first three months of last year. |