British energy giant BP on Tuesday announced sliding net profit for the first quarter of the year on plunging oil prices and compared with the first three months of 2014.

Profit after tax stood at $2.6 billion (2.4 billion euros) between January and March compared with net profit of $3.5 billion in the first quarter of 2014, BP said in an earnings statement.

"We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower (oil) prices," said BP chief executive Bob Dudley.

"Our results today reflect both this weaker environment and the actions we are taking in response" such as the selling off of assets and heavy cost-cutting.