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May 02, 2012, 08.25 AM IST | Source: Reuters

BP Q1 profits fall as oil spill still weighs

Oil producer BP reported a bigger-than-expected drop in profits on Tuesday, despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the oil spill.

BP Q1 profits fall as oil spill still weighs

Oil producer BP reported a bigger-than-expected drop in profits on Tuesday, despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the oil spill.

London-based BP said replacement cost (RC) net profit was USD 4.93 billion in the quarter, compared to usd 5.61 billion in the same period last year.

Stripping out one-off items such as the profit on asset sales, the result was USD 4.80 billion, below an average forecast of USD 5.10 billion from a Reuters poll of nine analysts.

Brent crude prices averaged USD 118.60 per barrel last quarter, up from USD 105.43 in the same period a year before.

RC earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under US accounting rules.

READ MORE ON  BP, crude prices, barrel, earnings,

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