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Oil giant BP has reported a sharp fall in profit to $2.13bn (£1.39bn) for the three months to the end of March as the dramatic fall in oil prices takes its toll.
That compares with $3.5bn for the same period a year earlier.
The results come at a time of uncertainty for oil and gas companies. Since August the price of oil has fallen by 50%.
BP is the first of the major oil firms to report first quarter earrings.
Shell and Exxon Mobil report earnings on Thursday.
BP chief executive Bob Dudley said the oil company's results reflected the "weaker environment and the actions we are taking in response".
The results were, however, better than expected. Most analysts had forecast the oil company to report replacement cost profit (RCP) of around $1.3bn.
RCP is the method by which oil companies report profitability based on how much it would cost them to "replace" the reserves they sell.
A big increase in revenue from BP's oil refinery business helped BP offset a big slump in earning from oil exploration.