By Justin Scheck and Rory Gallivan
LONDON-- BP PLC on Tuesday reported a fall in first-quarter
profit from a year earlier, giving the first glimpse of how low oil
prices through the beginning of 2015 affected the world's biggest
oil companies.
BP's replacement-cost profit--a number similar to the net income
that U.S. oil companies report--was $2.1 billion, down from $3.48
billion a year earlier. Revenue fell to $54.9 billion from $75.1
billion from a year earlier.
Production for the quarter was 8.3% higher than the first
quarter of 2014.
"Looking ahead, we expect second-quarter 2015 reported
production to be lower than the first quarter, reflecting
significant seasonal turnaround and maintenance activity," the
company said.
Write to Justin Scheck at justin.scheck@wsj.com and Rory
Gallivan at rory.gallivan@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires