UPDATE 1-BP Q1 profits up 135 pct on higher oil price

Tue Apr 27, 2010 2:16am EDT

* Q1 Replacement Cost profit up 135 percent at $5.6 billion

* Underlying result well ahead of forecasts

* Says working to contain Gulf of Mexico oil spill

LONDON, April 26 (Reuters) - Oil major BP Plc (BP.L) said first quarter replacement cost profits jumped 135 percent to $5.65 billion, on the back of a big jump in crude prices.

Excluding one-off items, which amounted to a net charge of $49 million, the result was $5.65 billion ahead of an average forecast of $4.78 billion from a Reuters poll of nine analysts.

The world's third-largest Western oil major by market value said production was broadly flat at 4.01 million barrels of oil equivalent per day.