(MENAFN) British energy giant BP announced logging a net profit drop in the first-quarter period of the year compared to the same period a year earlier amid falling oil prices, The Peninsula Qatar reported.
The company's Profit after tax stood at USD2.6 billion between January and March compared with net profit of USD3.5 billion in the first quarter of 2014, BP said in an earnings statement.
BP said underlying replacement cost profit, a measure of earnings watched by the market, slumped 39 percent to USD2.1 billion. BP and its peers are slashing investment this year after tumbling oil prices hurt profits.
"We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower (oil) prices. Our results today reflect this weaker environment," BP chief executive said.
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