The company managed to beat a set of analyst consensus figures provided by the firm, however, which had predicted a replacement cost profit of $1.28 billion. It added that its oil production was 8.3 percent higher than the first quarter of 2014.
BP noted that its upstream operations - which involve oil exploration and production - had weighed on its results, especially its U.S. market, which showed a loss of $545 million for the quarter. It also announced a quarterly dividend of 10 cents per share, to be paid on June 19, and said production for the second quarter was expected to be lower than the first quarter, reflecting significant seasonal turnaround and maintenance activity.
Shares were higher by 1.4 percent in the morning session on Tuesday as Michael Hewson, a chief market analyst at CMC Markets, said that BP had surprised the market by beating its own expectations.
"The company was already well ahead of the curve when last year's oil price fall started to hit revenues meaning that the company was already that much more prepared and lean, simply because it has needed to be, to navigate the events of the last five years," he said in a research note Tuesday.