BP says it's surviving the weak market

With profits up 15 percent from the previous quarter, BP said Tuesday it would not comment on any rumors regarding a potential takeover bid.

BP released its first quarter report, showing profits of $2.6 billion. That's down nearly 20 percent from the $3.2 billion reported for first quarter 2014 and reflects what Chief Executive Officer Bob Dudley said was a "weaker environment" for energy companies.

Low oil prices mean low profits and revenue streams for energy companies. An effort to streamline capital has in turn led to mergers and acquisitions from some of the biggest energy companies in the world.

Oil services company Halliburton in late 2014 made a bid for rival Baker Hughes and Royal Dutch Shell this month reached an agreement with British energy company BG Group to join hands.

The deal, valued at around $70 billion, is among the largest acquisitions since the Exxon Mobil merger was completed in 1999. That deal, and ongoing struggling from Shell's peers, led to speculation that BP may be an acquisition target.

A spokesman for BP refused to comment on reports of a potential takeover or merger, adding first quarter profits were about $1 billion above analyst expectations.

Dudley in a statement said divestment efforts and plans to make the company more efficient were part of a core strategy to navigate through the low oil price era.

"We are resetting and rebalancing BP to meet the challenges of a possible period of sustained lower prices," he said.

Not counting Russia, where sanctions are curbing energy potential, BP said oil and gas production of 2.3 million barrels of oil equivalent was 8.3 percent higher year-on-year.