LONDON (

TheStreet

) --

BP

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said first-quarter replacement cost profit fell 2% to $5.48 billion from $6 billion a year earlier despite higher oil prices as production was lower and as the company took further charges from the Gulf of Mexico oil spill of a year ago.

BP said the first quarter included a pretax charge of $400 million related to the oil spill. The company recorded charges related to the spill of almost $41 billion last year.

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BP said net earnings rose $7.12 billion from $6.08 billion a year earlier. Revenue rose 18% to $88.3 billion, largely from asset sales to pay for the spill.

-- Written by Joseph Woelfel

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