BP net profits plunge in first quarter

(MENAFN- Arab News) London: bp net profits plunged in the first quarter compared with the outcome a year ago when the group sold its stake in a russian joint venture the british energy giant said.

underlying earnings were hit also by a one-off loss related to the group's shale energy interests while the firm also experienced falling revenues and lower oil production.

net profit stood at $3.528 billion (2.544 billion euros) in the first three months of 2014 compared with profit after tax of $16.863 billion in the first quarter one year earlier bp said in an earnings statement.

bp — still seeking to reposition itself after the gulf of mexico oil spill disaster in 2010 which has cost it tens of billions of dollars in compensation and fines — has since sold its 50-percent stake in joint venture tnk-bp to rosneft.

this in turn has given bp a near 20-percent holding in the russian energy company.

'first quarter 2013 included a $12.5-billion gain relating to the disposal of our interest in tnk-bp" the british company said.