By Alex Daniel, PA Business Reporter & Lawrence Matheson BP is expected to report a decrease in profits and revenue for the first quarter of 2024 due to lower oil prices and weaker refining margins compared to last year. The oil giant is set to reveal its latest quarterly results on May 7, with profits predicted to be around £5.07 billion, a drop from the £6.79 billion at the same time in 2023. This follows the departure of former chief executive Bernard Looney in September over personal misconduct allegations. In comparison to its competitors, especially those in the US, BP has been underperf…