BP reports Q1 EPS $1.66, consensus $1.40

Underlying replacement cost profit for the quarter was $5.0 billion, compared with $4.8 billion for the previous quarter. Reported profit for the quarter was $8.2 billion, compared with $10.8 billion for the fourth quarter 2022. CEO Bernard Looney said: "This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations. Momentum continues to build across our integrated energy company strategy, with the start-up of Mad Dog Phase 2, our agreement to acquire TravelCenters of America and progress towards hydrogen and CCS projects in the UK. And importantly we continue to deliver for shareholders, through disciplined investment, lowering net debt and growing distributions."