BP’s profits fall on lower output and a decline in refinery earnings

BP, the UK’s second-largest oil producer, has said profit has fallen because of lower output and a drop in earnings at refineries.

Earnings adjusted for one- time items and inventory changes fell to $3.2bn (€2.3bn) in the first quarter from $4.2bn a year earlier, the London-based company said yesterday in a statement. The stock rose after the company raised the quarterly dividend 8.3% to 9.75c a share.

“This is a very solid start to 2014,” chief executive Bob Dudley said in the statement. “Operating cash flow was strong in the first quarter. We have seen further exploration success and upstream project startups.”