BP Profit Soars to $6.1 Billion

The second-largest oil company in Europe said profits in the first quarter were $6.08 billion, soaring from year-earlier earnings of $2.56 billion.
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Updated from 4:09 a.m. EDT

LONDON (

TheStreet

) --

BP

(BP) - Get Report

, the second-largest oil company in Europe, said profits in the first quarter soared to $6.08 billion from year-earlier earnings of $2.56 billion on higher selling prices and lower production costs.

BP said replacement cost profit, a key oil industry measure, rose 135% to $5.6 billion from $2.39 billion a year earlier.

Revenue rose 55% to $74.4 billion.

Energy Companies' New Strategy (Forbes)

BP's production levels, however, remain flat and its refining and marketing operations continue to struggle in a challenging refining environment.

BP shares were trading slightly lower in Europe, as the market continued to worry about the impact of the oil spill from a sunken rig in the Gulf of Mexico.

-- Reported by Joseph Woelfel in New York.

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