BP posts a drop in profit, reflecting similar weak results from other Big Oil companies
LONDON—BP PLC said Tuesday its profit dropped by 12% in the first quarter due to a weaker oil price environment at the start of 2019, echoing anemic quarterly results recently reported by other Big Oil companies.
U.K.-based BP said its replacement cost profit—a number analogous to the net income that U.S. oil companies report—was $2.1 billion for the quarter ended March 31, compared with $2.39 billion during the same period last year.
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