UPDATE: BP Posts Higher Q1 Profit

BP PLC

posted a surge in its first quarter. Its replacement cost profit jumped to $16.60 billion, from $4.78 billion, in the year-ago quarter. Excluding one-time items, its profit fell 9.4% to $4.22 billion, versus estimates of $3.25 billion. BP announced a quarterly dividend of 9 cents per share. Its revenue climbed to $107.21 billion, from $97.42 billion. BP shares gained 3.52% to $44.13 in pre-market trading.