BP said refining oil and selling fuel were less profitable in the first quarter than at any time in the last decade as inventories swelled and competition increased at filling stations in the U.S. and Europe.
The difference between the price the British company pays for crude oil and what it gets from refined fuels dropped by 30% from the fourth quarter. Margins from selling fuel through about 26,800 gas stations narrowed 45%. Oil and gas production also fell short of some analysts' forecasts.
