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BP profits slump but slightly beat forecasts

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BP profits slump but slightly beat forecasts
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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LONDON (Reuters) – BP reported on Tuesday a near 30 percent slump in profits in the first three months of 2019, driven by lower oil and gas prices and weaker refining margins.

The London-based company’s first-quarter underlying replacement cost profit, the company’s definition of net income, came to $2.4 billion (£1.9 billion), exceeding forecasts of $2.3 billion, according to a company-provided survey of analysts.

That compared with a profit of $2.6 billion a year earlier and $3.5 billion in the fourth quarter of 2018.

The profits were boosted by stronger results from oil and gas trading operations.

(Reporting by Ron Bousso; editing by Jason Neely)

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