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BP first quarter earnings fall amid lower oil prices

April 30, 2019

Via: ABC News
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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.

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