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

Environment

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

Mahmoud Khalil speaks after being released from ICE detention center
Victims will welcome national inquiry into grooming gangs after Keir Starmer’s announcement
Bayesian superyacht raised from seabed
Analysis: What is a bunker buster?