LONDON (Reuters) – BP reported on Tuesday a near 30 percent slump in profits in the first three months of 2019, driven by lower oil and gas prices and weaker refining margins.

The London-based company’s first-quarter underlying replacement cost profit, the company’s definition of net income, came to $2.4 billion, exceeding forecasts of $2.3 billion, according to a company-provided survey of analysts. That compared with a profit of $2.6 billion a year earlier and $3.5 billion in the fourth quarter of 2018.

The profits were boosted by stronger results from oil and gas trading operations.