British Petroleum (BP), Europe’s second-biggest oil and gas company, posted a drop in first quarter profit on lower crude prices and rise in cost of extraction.
Profit excluding one-off items and inventory changes slipped to $4.2 billion from $4.7 billion a year earlier, yet beating median estimates $3.2 billion.
The company is trying to come back on the right path after it was subject to a fine of more than $40 billion on the Gulf of Mexico’s oil spill.
Investment will rise to $25 billion this year from $23 billion last year as four new projects start in Angola, Australia, the Gulf of Mexico and Azerbaijan. Investment will rise to between $24 billion and $27 billion from 2014 to the end of the decade, BP said.
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