A BP gas station in Madrid, Spain.
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blood pressure It reported a drop in first-quarter profit on Tuesday, with results missing analysts’ expectations due to “significant weakness” in fuel margins and lower natural gas and oil prices.
The British energy giant’s underlying replacement cost profit, used as a proxy for net profit, was $2.7 billion. That was down from $3 billion in the previous quarter and below the LSEG consensus estimate of $2.9 billion.
The results reflected lower oil and gas realizations and a “significant decline” in fuel margins, the company said in a statement on Tuesday.
This is a breaking news story and will be updated soon.
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