- Due to the dramatic fall in oil prices, BP (NYSE:BP) posted a sharp drop in first-quarter profit, but the results beat analyst estimates due to a larger than expected increase in refining revenue.
- Underlying replacement cost profit - which takes into account the fluctuations in the price of oil - came in at $2.58B, down from $3.22B a year earlier, but above the $2.24B reported last quarter.
- Production for the period was 8.3% higher than the first quarter of 2014 at 2.31B barrels of oil equivalent a day.
- BP +2.7% premarket