BP profits fall in Q1 despite rising oil price

Oil major BP saw profits fall in the first quarter of the year, led by its downstream business, but has held its dividend at 8 cents per share.

Although the price of oil has been rising, BP's revenues were impacted by weaker production and the after-effects of the Gulf of Mexico spill.  Underlying replacement cost profit after tax in the three months to the end of March came in at $4.799bn, down from $5.504bn in the first quarter of 2011 and below analysts' forecasts. That generated earnings per ordinary share of 25.29 cents, versus 29.25 cents the year before. Underlying replacement cost profit before interest and tax was $6.99bnm for the upstream (oil production) business, compared to $6.684bn the year before, and $924m for...