BP profits dragged down by weaker oil and gas prices


Energy giant BP profits have dropped in the first quarter due to weaker oil and gas prices.

The energy company said replacement cost profit, the market’s preferred measure, dropped to £1.6bn in the fir quarter, falling from 12% to £1.9bn compared to the same period last year.

Bob Dudley, group chief executive said, “BP’s performance this quarter demonstrates the strength of our strategy.

“With solid upstream and downstream delivery and strong trading results, we produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds.

“Moving through the year, we will keep our focus on disciplined growth, with efficient project execution and safe and reliable operations.”