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BP joined other oil giants in reporting lower Q1 profits as companies dealt with lower crude prices.
By the numbers: The U.K.-based multinational reported $2.36 billion in profits, down from $3.48 billion in the prior quarter and $2.59 billion during the same period last year.
But, but, but: Per Bloomberg, BP "hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices."
- The company's stock is up slightly Tuesday.
What they're saying: "[W]e produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds," CEO Bob Dudley said in statement.
Go deeper: BP's profit slump buffered by higher output, trading (Reuters)