Energy giant BP has revealed lower-than-expected profits in the face of lower energy prices and weaker refining margins than this time last year.
The London-listed company also revealed plans to deliver two billion dollars (£1.6bn) extra in cost savings by 2026.
BP said that underlying replacement cost profit, its preferred measure, was 2.7 billion US dollars (£2.2bn) in the first quarter, down from 4.9 billion dollars (£3.9bn) a year earlier.
Profits came in below forecasts of almost 2.9 billion dollars for the period.
