BP quarter profits slip on weaker crude prices

Weaker crude oil prices and tough fuel-refining conditions have severely dented first-quarter profits at oil giant BP by more…

Weaker crude oil prices and tough fuel-refining conditions have severely dented first-quarter profits at oil giant BP by more than half.

Nonetheless, the results allayed fears of an even worse performance.

The key net profit figure of $1.582 billion was in line with analysts' expectations of $1.27 billion to $1.74 billion and above the middle-range forecasts of $1.535 billion.

The figure was down 57 per cent from an adjusted $3.712 billion a year ago and below $2 billion for the first time since the oil price boom took off in 2000.

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BP shares extended early gains to stand 3.2 per cent up at 587p after the figures, lifting others to make the oil sector the best European stock market performer of the day.

BP's larger rival Exxon Mobil last week reported results below analysts' forecasts - unusual in a fairly transparent industry where crude prices and refining margins are widely reported.