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BP beats first-quarter expectations amid higher oil prices, production

LONDON May 2 British oil major BP beat analysts' first-quarter earnings expectations on Tuesday as higher oil prices and production helped improve its bottom line.

BP reported first-quarter underlying replacement cost profit, the company's definition of net income, of $1.51 billion, exceeding analysts' average forecast of $1.26 billion.

Oil prices, a major driver for BP's earnings, averaged around 35 percent above prior-year levels, helping to boost revenue from its core oil and gas production division. (Reporting by Karolin Schaps and Ron Bousso; Editing by Mark Potter)

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