BP has announced its results for the first quarter (Q1) of 2019, reporting decreased profits caused by weaker prices and margin environments.

The company’s underlying replacement cost profit for Q1 2019 was $2.4bn, a decrease from 2018’s Q4 and Q1 profits of $3.4bn and $2.6bn respectively.

Operating cash flow (excluding payments of $0.6bn for the Gulf of Mexico oil spill) for BP in Q1 2019 was $5.9bn, an increase from $5.3bn in Q1 2018.

Oil and gas production in Q1 2019 averaged 3.8 million barrels of oil equivalent per day (Mboe/d), a 2.4% increase from Q1 2018. Production for BP’s upstream offshore operations was 2.7Mboe/d, a 2% increase from Q1 2018.

BP has started major upstream offshore projects in the Gulf of Mexico, Trinidad and Egypt in 2019, with final investment decisions taken for three additional upstream projects.

The company also reported “strong progress” towards its published targets for greenhouse gas emissions following reduced operational emissions in 2018, with methane intensity “remaining on target”. In March 2019, BP established a $100m fund to reduce emissions, as well as an agreement with the Environmental Defence Fund to reduce methane emissions across its operations.

BP CEO Bob Dudley said: “BP’s performance this quarter demonstrates the strength of our strategy. With solid Upstream and Downstream delivery and strong trading results, we produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds.

“Moving through the year, we will keep our focus on disciplined growth, with efficient project execution and safe and reliable operations.”