BP Profits Down

BP’s slide from grace continues.

Profits, production and prices all fell in BP’s first quarter, as the UK-based energy group said that profit before interest and tax dropped 17 per cent to some $7bn, with net replacement cost profits also down 17 per cent at $4.36bn.

Total hydrocarbon production dropped 3 per cent year-on-year to 3.9m barrels of oil equivalent a day. BP said this was the result of disposals and that full-year output was still expected to be in the 3.8m-3.9m boe/d range.