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British Petroleum’s Profits Rise As Asset Sales Outweigh Disaster Costs

LONDON — BP PLC posted a 16 percent rise in first-quarter net profits on Wednesday as gains from the sale of major assets to pay for the Gulf of Mexico oil spill outweighed the ongoing cost of that disaster.But replacement cost profit, the …

LONDON — BP PLC posted a 16 percent rise in first-quarter net profits on Wednesday as gains from the sale of major assets to pay for the Gulf of Mexico oil spill outweighed the ongoing cost of that disaster.

But replacement cost profit, the measure most closely watched by analysts to indicate an oil company’s health, fell 2 percent as lower production and higher charges from the spill overrode the benefits of a rising crude oil price.

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