BP's profit for the first quarter of 2019 totaled $2.4 billion, down from $2.6 billion a year earlier, due to the weaker price and margin environment at the start of the quarter, the company announced on Tuesday.
''With solid upstream and downstream delivery and strong trading results, we produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds,'' Bob Dudley, group chief executive of BP said.
Net cash provided by operating activities in the quarter amounted to $5.3 billion, lower than the fourth quarter of 2018 result of $6.8 billion, and the highest level seen in four years.
The company's reported oil and gas production for the quarter averaged 3.8 million barrels a day of oil equivalent, while upstream production, excluding output of joint venture partner Rosneft, was 2% higher than a year earlier.
BP's three upstream major projects in Trinidad, Egypt and the Gulf of Mexico have started production in 2019 and the company has also taken final investment decisions for three more major upstream projects.
By Gokce Kucuk