BP’s profits decline to $2.7 billion during Q1

BP announced on Tuesday that first-quarter profits fell 40% year-on-year to $2.7 billion, below expectations, as a result of lower energy prices and the disruption of a refinery in the United States, despite the increase in oil and gas production.

According to Reuters, the London-based company maintained its earnings per share at 7.27 cents and maintained the pace of its share buyback program at $1.75 billion over the next three months, as happened in the previous quarter.

Profits fell by about 5% below analysts’ expectations.

BP shares fell 0.3% at the start of trading in London.

The company stated that the results reflect lower energy prices, the impact of the failure of the Whiting refinery in Indiana, and a significant decline in fuel profit margin.

BP’s oil and gas production rose 2.1% year-on-year to 2.38 million barrels of oil equivalent per day.