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.

Transcript

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.