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5/1/2012 7:58:00 PM
BP 1Q profit falls 18 percent; Whiting project on track for 2013

Times of Northwest Indiana

BP PLC said it posted a slimmer first quarter profit Tuesday as the London-based oil company had weaker performance in its downstream business.

Net income for BP was $5.9 billion, down 18 percent from the comparable three-month period in 2011. Adjusted for non-operating items and accounting remeasurements, the company's replacement cost profit was down nearly 13 percent to $4.8 billion, or $1.52 per American depositary share.

The company said its Whiting Refinery modernization project is more than 60 percent complete and remained on track for start-up in the second half of 2013.

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