* Profits down nearly one third to $2.4 billion
* But profits still slightly exceed forecasts(Recasts, updated throughout)
By Ron Bousso
LONDON, April 30 (Reuters) - BP's first quarterprofits fell by nearly a third but beat forecasts as lower oiland gas prices and weaker refining margins were offset by higherproduction and a stronger trading performance.
The slump in profits marks the first significant dent inBP's steady recovery over the past 18 months following thesector's downturn 2014.
"We produced resilient earnings and cash flow through avolatile period that began with weak market conditions andincluded significant turnarounds," Chief Executive Officer BobDudley said in a statement.
BP's rivals Exxon Mobil, Chevron and Total all saw theirprofits decline in the first quarter. Higher oil and gasproduction was offset by weak income from refining as a resultof particularly weak gasoline prices. Exxon posted its firstloss in its refining business since 2009.
The London-based company's first-quarter underlyingreplacement 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 was down from $2.6 billion a year earlierand from $3.5 billion in the fourth quarter of 2018.
The profits were boosted by stronger results from oil andgas trading, which in the past has often helped the companyweather volatile markets.
Cashflow from operations, which had risen to their highestlevel in four years in the previous quarter, fell by over 20percent to $5.3 billion.
Oil and gas production in the quarter, excluding BP's stakein Russia's Rosneft, rose 2 percent from a yearearlier following the acquisition of BHP's onshore U.S. shaleportfolio and the start-up of new projects.
(Reporting by Ron Bousso; editing by Jason Neely)