BP sees Q1 earnings slide as low oil prices take their toll

Cost-cutting and a solid performance from the refining and marketing arm helped British energy producer BP cushion the hit from low oil prices in the first quarter.

Though the company reported a 79 percent slide in earnings, its share price spiked 4.5 percent higher Tuesday to 377 pence as the result was better than anticipated in markets.

BP reported that its underlying replacement cost profit — the oil industry standard, which excludes non-operational items and the value of oil inventories — dropped to $532 million from $2.58 billion in the first quarter of 2015. Though that's quite a precipitous decline, the result was about $100 million better than analysts...