BP Q1 Profit Drops

reported a decline in its profit for the first quarter. The company's underlying replacement cost profit dropped around 20 percent year-over-year to $2.58 billion, versus analysts' estimates of $1.28 billion. Its revenue shrank to $54.9 billion, compared to $75.1 billion. Its production climbed 8.3 percent year-over-year. Pretax profit at the company's refining division climbed to $2.2 billion, compared to $1 billion, in the year-ago period. Its cash flow declined to $1.86 billion in the latest quarter, versus $8.23 billion. BP shares climbed 2.51 percent to $44.12 in pre-market trading.