A BP gas station in Madrid, Spain.
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baby On Tuesday, it reported a drop in first-quarter earnings, with results falling short of analysts' expectations amid a “much weaker” margin in fuel and lower gas and oil prices.
The British energy giant recorded basic replacement cost earnings, which are used as a proxy for net profit, of $2.7 billion. That was down from $3 billion in the prior quarter and compared to an LSEG consensus estimate of $2.9 billion.
The results reflect lower oil and gas sales and a “significantly weaker” fuel margin, the company said in its statement issued on Tuesday.
This is a breaking news story and will be updated soon.
