Energy producer BP says first quarter earnings fell 9% amid lower oil prices.
The London-based company says underlying replacement cost profit — the industry’s preferred measure of performance because it strips out one-time items and changes in inventory values— fell to $2.36 billion from $2.59 billion in the same period last year. Net income rose 19% to $2.93 billion.
Brent crude, the benchmark for international oil, hit an 18-month low in December and averaged $63.13 a barrel in the first quarter, down 5.5 percent on the year, before picking up more recently.