BP BP Plc

LONDON—BP PLC reported a loss for the second consecutive quarter Tuesday, as low oil prices continue to buffet the company's financial performance.

British energy giant BP said its replacement cost loss—a number analogous to the net income that U.S. oil companies report—was $485 million, compared with a profit of $2.1 billion a year earlier. However, stripping out one-off items such as proceeds from sales and impairment charges, the company's underlying earnings of $532 million significantly beat analysts' consensus of a $140 million loss.

"Despite the challenging environment, we are driving toward our near-term goal of rebalancing BP's cash flows," Chief Executive Bob Dudley said. "Operational performance is strong and our work to reset costs has considerable momentum and is delivering results."

The company's earnings suffered as the oil sector continues to struggle with a near two-year slump in crude prices that has forced steep spending cuts and hammered profits. In the first quarter of 2015, Brent oil prices averaged $34 a barrel, compared with $54 a barrel in the same period a year earlier. Refining margins were at their lowest quarterly average for over five years.

Write to Sarah Kent at sarah.kent@wsj.com

(END) Dow Jones Newswires

April 26, 2016 03:05 ET (07:05 GMT)

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