By Reuters -
(Reuters) - BP (LONDON:BP) reported first-quarter profit of $2.58 billion (2 billion pounds) on Tuesday, largely beating expectations, as a hefty increase in refining revenue offset a slump in oil production earnings.
The company's first-quarter underlying replacement cost profit was expected to come in at $1.28 billion, according to analyst concensus figures provided by the company, down from $3.22 billion a year earlier and $2.24 billion in the fourth quarter of last year.