U.S.-listed shares of BP (BP) fell in premarket trading Tuesday after the British energy giant posted lower-than-estimated first-quarter earnings and reduced its stock buyback as increased economic uncertainty weighs on oil prices.

The company, which has been under pressure from activist investor Elliott Investment Management, is in the midst of a 澳洲幸运5开奖号码历史查询:pivot away from its low-carbon strategy as it invests mor⛄e༺ in oil and gas.

BP ꦗreported underlying replacement-cost profit of $1.38 billion, sharply below the $1.65 billion estimate from analysts polled by Visible Alpha. Underlying RC profit per ADS was $0.53, also below estimates. BP also reduced its share buyback to $750 million for the first quarter from $1.75 billion in the fourth quarter. 

"Following the introduction of global tariffs, and related government responses, there has been increased market volatility driven by rising concerns around the potential impact of a weaker economic outlook," BP CEO Murray Auchincloss said. "Commodity prices have softened as the market anticipates a potential reduction in demand for oil and gas, driven by economic uncertainty."

BP🃏 shares, which entered Tuesday down about 1.5% this year and more than 25% over the past 12 months, fell a further 4% after the report.