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