BP has reported replacement cost profit of $6.59 billion for the first quarter of 2008, an increase of 48%, compared to $4.44 billion for the same period of 2007. Profit for the period was $7.6 billion, compared to $4.6 billion for the first quarter of 2007.

Non-operating items and fair value accounting effects for the first quarter had a net $4 million unfavorable impact compared to a net $36 million favorable impact in the first quarter of 2007.

Non-operating items for the first quarter included a pre-tax charge of $307 million for restructuring, integration and rationalization costs associated with BP’s forward agenda.

Net cash provided by operating activities for the quarter was $10.9 billion, compared with $8 billion for the same period of 2007.