BP's earnings slide 64%, tracking oil-price decline: company says it is adjusting to $50 crude and is poised to benefit from falling equipment-leasing rates

Affected by a drop in the price of oil, BP PLC reports a first-quarter net profit drop of 64% to $2.56 billion, and a drop of 47% in revenue to $48.09 billion. Quarterly production increased about 2.5% to over four million barrels a day. The company cut $1 billion in costs during the quarter, and expects additional savings from falling equipment-leasing rates.