BP Profit Falls on Weaker Oil, Gas Trading; Misses Expectations

By Christian Moess Laursen

BP's first-quarter profit was hit by lower oil and gas trading, missing market forecasts, but the British energy company confirmed a $1.75 billion share buyback.

The London-based oil-and-gas giant said Tuesday that underlying replacement-cost profit--a metric similar to net income its U.S. peers report--was $2.72 billion, a marked decline from $4.96 billion in the same quarter last year. This missed a forecast of $2.87 billion, according to a company-compiled estimate from 24 analysts.

Write to Christian Moess Laursen at christian.moess@wsj.com