BP reports 40% drop in Q1 earnings, trailing behind industry peers amid low energy prices
BP has reported a significant 40% drop in its first-quarter earnings, with profits falling to $2.7 billion, underperforming against analysts’ expectations due to lower energy prices and operational setbacks, including a U.S. refinery outage. Lagging behind amid industry challengesBP’s latest financial results mark it as the last of the leading Western oil giants to disclose its earnings for the first quarter. In contrast, Shell posted a robust net profit of $7.7 billion last week, benefiting from disruptions to Red Sea shipping and Russian refining that boosted oil trading activities. Meanwhil...