BP Q1 profits fall as oil spill still weighs

LONDON (Reuters) - BP Plc <BP.L> reported a 2 percent drop in first quarter replacement cost net profit as lower production and higher charges due to the oil spill outweighed the benefits of a rising oil price.

BP's replacement cost net profit was $5.5 billion in the quarter, the company said in a statement on Wednesday.

Excluding one-offs such as asset sales, BP's underlying results were $5.37 billion, short of an average forecast of $5.70 billion from a Reuters poll of nine analysts.