BP profits hit by sell-offs in wake of Deepwater Horizon disaster

Oil giant BP revealed a dip in profits yesterday 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 $4.8 billion (€5.87bn) in the first quarter, compared with $4.98bn in the previous quarter and expectations of $5bn.

The group reported a 6% decline in oil and gas production to 2.45 million barrels of oil a day as itsprogramme of asset disposals since 2010 hit $23bn. BP sold businesses in the US, Canada and the North Sea in the period.