BP reports sharp drop in profits
Tuesday 28th April 2009, 9:50AM BST.
BP has announced first-quarter profits for this year fell by 62 per cent.
For January to March, the oil giant saw replacement cost profits drop to £1.64 billion, down from £4.26 million for the same period the year before.
The oil company has blamed the low price of oil, currently at $50 a barrel compared to $147 at its peak last year, for the drop in earnings.
The continuing global financial crisis had caused oil and gas prices to fall as businesses and households continue to use less fuel compared to 12 months ago.
BP’s chief executive Tony Hayward said the company’s cash flow would break even if the prices average out at $60 a barrel this year.
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