BP's profits edge lower but beat forecasts

Oil giant BP saw profits edge lower in the first three months of the year.

Underlying replacement cost profit, which strips out the effect of oil price movements, was $4.2bn (£2.6bn) - down from $4.7bn for the same period a year ago.

However, the result beat analysts' forecasts of $3.27bn.

When the one-off gain from BP's sale of its interest in joint venture TNK-BP is included, the firm made $16.6bn in the quarter.

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