BP reported a significant decline in its first-quarter profits, with earnings falling 40% to $2.7 billion, missing market expectations. The decrease was attributed to weaker oil and gas prices and a refinery outage in the US, despite higher oil and gas production. The company announced a $1.75 billion share buyback for the first quarter and plans to continue with another $1.75 billion buyback in the second quarter. Adjusted earnings per share were $0.16, below the expected $0.17, and revenue reached $49.96 billion, falling short of the anticipated $52.44 billion. Adjusted net profit was $2.72 billion, below the expected $2.92 billion.