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).