A BP gas station in Madrid, Spain.
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BP on Tuesday described a slide in first-quarter revenue, with success coming in beneath analyst anticipations amid a “substantially weaker” margin in fuels and decreased gas and oil rates.
The British energy huge logged underlying substitution cost income, utilized as a proxy for net income, of $2.7 billion. That was down from $3 billion the former quarter and when compared with an estimate in an LSEG-compiled consensus of $2.9 billion.
The benefits reflect lessen oil and gasoline realizations and a “appreciably weaker” fuels margin, the corporation mentioned in its Tuesday statement.
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