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BP first-quarter earnings 2024

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A BP gas station in Madrid, Spain.

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BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices.

The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion.

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The results reflect lower oil and gas realizations and a “significantly weaker” fuels margin, the company said in its Tuesday statement.

This is a breaking news story and will be updated shortly.

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