BP’s first-quarter 2009 replacement cost profit was $2,387 million, compared with $6,231 million a year ago, a decrease of 62%.

Non-operating items and fair value accounting effects for the first quarter had a net $194 million unfavorable impact compared to a net $4 million unfavorable impact in the first quarter of 2008.

Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $368 million for the first quarter, compared to $246 million for the same period last year. This net increase in costs was primarily due to a reduction in the expected return on pension plan assets.

The effective tax rate on replacement cost profit for the quarter was 37.5%, compared to 37.0% for the same period last year.

Net cash provided by operating activities for the quarter was $5.6 billion compared with $10.9 billion a year ago.

Net debt at the end of the quarter was $26.7 billion. The ratio of net debt to net debt plus equity was 23% compared with 19% a year ago.

Total capital expenditure for the first quarter was $4.6 billion. Capital expenditure, excluding acquisitions and asset exchanges, is expected to be less than $20 billion for the year. Disposal proceeds were $0.3 billion for the quarter.

The quarterly dividend, to be paid in June 2009, is 14 cents per share ($0.84 per ADS) compared with 13.525 cents per share a year ago, an increase of 4%. In sterling terms, the quarterly dividend is 9.584 pence per share, compared with 6.830 pence per share a year ago, an increase of 40%.