BP lost almost $500m (£340m) in the first quarter as the plunge in the crude price and the costs of the Gulf of Mexico spill weighed on the company.
Led by chief executive Bob Dudley, the oil and gas giant made a $485m loss in the three months to March on the industry standard replacement cost measure compared with $2.1bn profit in the same period last year.
The company got an average of around $27 per barrel for the oil it sold in the first quarter, down from $47/bbl last time.
In January BP confirmed plans to shed about 600 jobs from its North Sea operations over the next two years in response to ‘toughening conditions’ in the industry.
BP recorded a further $900m costs in respect of the 2010 Gulf of Mexico spill in the quarter, taking the total to $56.4bn.
Shareholders in BP gave the company's board a symbolic slap in the face earlier this month when they voted to reject its remuneration report for the last year, which included a pay deal of $19.6m for Mr Dudley.
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