BP PLC says first-quarter net profit was down 18 percent largely due to a big drop in returns from its downstream business selling fuels, lubricants and fertilizer.
For the three months ending March 31, BP said Tuesday that its net profit was $5.9 billion compared to $7.3 billion a year earlier.
Replacement cost profit, a closely watched industry measure, was down 12 percent at $4.9 billion from $5.6 billion a year earlier.
The big difference came in the downstream category, where underlying replacement cost profit fell 58 percent to $924 million compared to $2.2 billion a year earlier. Within downstream, the underlying profit in the fuels business was down 63 percent at $487 million.