Triple whammy sees BP profits fall

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New American chief executive Bob Dudley saw his maiden first-quarter results and recovery plan overshadowed by the impact of the Macondo blowout a year ago.

Today BP admitted it had put aside another $400 million (£243 million) for clean-up costs related to the United States' worst oil spill, bringing its total estimated bill to $41.3 billion.

But BP, which last week launched lawsuits against three companies involved with the Deepwater Horizon drilling rig in the Gulf, pointed out its costs bill for the catastrophe was considerably lower than in previous quarters.

The oil major said restrictions on drilling in the Gulf, as well as the impact of selling $24 billion-worth of oilfields in the US, Vietnam and elsewhere over the past year, meant that despite the soaring oil price the firm's replacement cost profit came in at $5.5 billion, down $100 million on the same three months last year.

BP said its output levels had fallen by 11% to 3578 million barrels of oil equivalent a day, compared with the same quarter a year before. It added it was setting aside $683 million to pay for Chancellor George Osborne's windfall tax on North Sea profits.