BP’s net profit slides 67% in Q1 after a historic fall in oil prices

Energy giant BP posted a significant decline in first-quarter net profit, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacity.

The U.K.-based oil and gas company posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $800 million. That compared with $2.4 billion in the first quarter of 2019, reflecting a fall of 67 percent.

BP’s debt rose to $51.4 billion at the end of the first quarter, $6 billion higher than the quarter before. And the firm’s debt-to-capital ratio, or gearing, jumped to 36% through the first three months of the year.

The company also announced a dividend of 10.5 cents per share was announced for the quarter.

BP’s debt rose to $51.4 billion at the end of the first quarter, $6 billion higher than the quarter before. And the firm’s debt-to-capital ratio, or gearing, jumped to 36% through the first three months of the year.

The company also announced a dividend of 10.5 cents per share was announced for the quarter.