BP first quarter earnings fall of 80pc, beat analysts expectations
British oil major BP on Tuesday reported an 80pc year on year fall in core earnings for the first quarter, when oil prices touched a near 13-year low, but the result was better than analysts had expected.
BP's quarterly underlying replacement cost profit, the company's definition of net income, was $532m (€472m) in the first three months of the year, compared with a forecast loss of $140m in analyst consensus figures provided by BP.
Chief executive Bob Dudley said he expected global oil supply and demand to balance towards the end of the year, which would likely help push prices higher.
"Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year," Dudley said in the results statement.