BP Misses Q1 Earnings Forecasts on Lower Oil and Gas Prices
Lower oil and gas prices and a prolonged refinery outage in the United States dragged down BP’s earnings for the first quarter to below analyst expectations. UK-based supermajor BP (NYSE: BP) reported on Tuesday an underlying replacement cost profit – the closest metric to net profit – of $2.7 billion for the first quarter of 2024, down from $3.0 billion for the previous quarter. “Compared with the fourth quarter 2023, the result reflects lower oil and gas realizations, the impacts of the Whiting refinery…