BP earnings dented by oil spill

City A.M. Reporter
BP reported a two per cent drop in first quarter net profit as lower production and higher charges due to the oil spill outweighed the benefits of a rising oil price.

BP's replacement cost net profit was $5.5bn (£3.3bn) in the quarter, the company said in a statement.

Excluding one-offs such as asset sales, BP's underlying results were $5.37 billion, short of an average forecast of $5.70bn from a Reuters poll of nine analysts.