BP reveals a fall in profits in the face of lower oil prices
Energy giant BP has revealed a fall in profits in the face of lower oil prices and weaker refining margins than this time last year.
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00:00Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:07Here are your breaking business news headlines from the City of London this morning.
00:12The energy giant BP has revealed a fall in profits in the face of lower oil prices and
00:18weaker refining margins than this time last year.
00:22BP said that underlying replacement cost profit was US$2.7 billion in the first quarter, down
00:30from US$4.9 billion a year earlier.
00:34The company, which is listed in London, also revealed plans to deliver US$2 billion extra
00:41in cost savings by 2026.
00:44It's an update for one of the biggest names in the world of business, BP, the energy giant
00:50revealing a fall in profits in the face of lower oil prices.
00:55My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.