BP PLC on Tuesday reported a fall in first-quarter profit from a year earlier, giving the first glimpse of how low oil prices through the beginning of 2015 affected the world’s biggest oil companies. BP’s replacement-cost profit—a number similar to the net income that U.S. oil companies report—was $2.1 billion, down from $3.48 billion a year earlier. Revenue fell to $54.9 billion from $75.1 billion from a year earlier. Production for the quarter was 8.3% higher than the first quarter of 2014 at 2.31 billion barrels of oil equivalent a day. “Looking ahead, we expect second-quarter 2015 reported production to be lower than the first quarter, reflecting significant seasonal turnaround and […]