By Rupert Hargreaves BP has reported a drop in profit for the first quarter of the year and higher net debt amid lower oil prices. The UK oil major reported underlying replacement cost profit of $2.7bn (£2.2bn) in the first quarter, compared to $3bn (£2.4bn) in the fourth quarter of 2023 and $5bn (£4bn) in the first quarter of 2023. The group also saw net debt increase to $24bn (£19.1bn) from $20.9bn (£16.7bn) in the fourth quarter of 2023. It also reported adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) of $10.3bn (£8.2bn) compared to $10.6bn (£8.5bn) in the four…