BP misses expectations as profits slip on weaker oil and gas prices


A BP gas station in Madrid, Spain.
Sopa Images | Lightrocket | Getty Images

BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices.

The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion.

The results reflect lower oil and gas realizations and a “significantly weaker” fuels margin, the company said in its Tuesday statement.

This is a breaking news story and will be updated shortly.

Articles You May Like

‘Come clean’: Post Office victim’s plea to ex-boss Vennells at inquiry
Oil prices extend losing streak, on pace for third daily decline
Video shows bloodied Israeli female soldiers captured by Hamas
Strictly Come Dancing star denies claims of ‘abusive or threatening behaviour’
Hims & Hers Health adds compounded GLP-1 injections to weight loss program