BP sees profits dip to $4.8bn

Oil giant BP revealed a dip in profits today as its commitment to sell off billions of pounds of assets in the wake of the Gulf of Mexico disaster hit production.

The group reported underlying replacement cost profits of 4.8bn (€3.62bn) in the first quarter, compared with $4.98bn (€3.76bn) in the previous quarter and expectations of $5bn (€3.77bn).

The group reported a 6% decline in oil and gas production to 2.45 million barrels of oil a day as its programme of asset disposals since 2010 hit 23bn (€17.37bn).

BP sold businesses in the US, Canada and the North Sea in the period.

BP said the total charge taken to cover the impact of the fatal Deepwater Horizon explosion in April 2010 remained at 37.2bn (€28.1bn) in the period.

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