BP Plc (BP, BP_UN.TO, BP.L) posted lower first-quarter profit attributable to BP shareholders of $5.92 billion compared with last year's $7.25 billion, with replacement cost profit attributable to BP shareholders dropping to $4.93 billion from $5.61 billion a year ago.
On a per share basis, quarterly profit attributable to BP shareholders were 30.74 cents, lower than 38.10 cents in the prior-year quarter, and replacement cost profit per ADS totaled $1.56, down from previous year's $1.79.
Underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, was $4.8 billion for the quarter, compared to $5.50 billion last year. The quarter's result was impacted adversely by a $541 million consolidation adjustment in respect of unrealised profits in inventory held within the downstream business. Also, underlying replacement cost profit per ADS fell to $1.52 from $1.76 a year before.
Pre-tax profit for the recent quarter amounted to $8.92 billion, versus $11.40 billion in the comparable period.
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