STORY: BP's first-quarter earnings plunged by 40% to $2.7 billion.
The number missed forecasts and compared with a $5 billion profit a year before.
BP said Tuesday's (May 7) results reflected lower energy prices.
The company was also hit by an outage at a refinery in Whiting, Indiana, and a much weaker fuels margin.
These factors offset increased oil and gas production.
The earnings fell 5% short of analyst forecasts and hurts CEO Murray Auchincloss' efforts to steady the company.
BP has endured a difficult period that followed the sudden resignation of CEO Bernard Looney last September.
Auchincloss has vowed to simplify BP's operations and cut costs.
That's in the face of investor doubts about the company's plan to reduce its focus on oil and gas and expand a low-carbon business.
On Tuesday, BP also introduced a new target to deliver cash cost savings of at least $2 billion by the end of 2026 relative to 2023.
BP shares were slightly down after the results were announced.
