BP profit slows, but beats forecasts as it plans $1.75 billion more buybacks

BP on Tuesday reported a rise in first-quarter underlying replacement cost profit, beating expectations, and declared an additional $1.75 billion share buyback.

The British oil-and-gas major BP UK:BP made an underlying replacement cost profit of $4.96 billion in the three months through to the end of March, up from $4.81 billion in the previous quarter but below the $6.25 billion in the first quarter of 2022.

This…