BP stocks up despite profits dip

<p>Shares in BP rose this morning.</p>

The share price of BP has risen this morning (April 30th), despite the oil giant confirming its profits are down for the first quarter of the year.

It confirmed that its underlying replacement cost profit – a figure that strips out the effect of oil price movements – was $4.2 billion (£2.6 billion) from January to March, which is down from $4.7 billion for the same period a year ago.

"These results represent a strong start to 2013 across all of our businesses," said BP chief executive Bob Dudley.

BP's sale of joint venture TNK-BP helped the firm to make $16.6 billion in the quarter in total.

But despite the fall in profits, the financial data released by the company beat analysts' forecasts of $3.27 billion and its share price is up this morning.

Stocks in BP were trading at 467.70 at 08:24 BST, which is a rise of more than ten points – and up 2.4 per cent – on the start of the day.

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