A BP gas station in Madrid, Spain.
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BP It reported a decline in first-quarter profit on Tuesday, with the results falling short of analysts’ expectations amid “significantly weaker” margins in fuel and lower gas and oil prices.
The British energy giant recorded an underlying replacement cost profit of $2.7 billion, used as a proxy for net profit. That was down from $3 billion the previous quarter and compared with the LSEG-compiled consensus estimate of $2.9 billion.
The company said in its Tuesday statement that the results reflected lower oil and gas receipts and “significantly weaker” fuel margins.
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