*

Profit of $1.38 billion misses analysts' $1.53 billion

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Profit down from $2.7 billion a year earlier

(Adds detail on results, share buybacks spending, Elliott

activism)

By Shadia Nasralla

LONDON, April 29 (Reuters) - BP missed forecasts

on Tuesday with an underlying replacement cost profit of $1.38

billion for the first quarter, below the $1.53 billion expected

by analysts in a company-provided poll.

BP bought back $750 million in shares, at the low end of its

guided range, and announced plans to purchase a further $750

million worth this quarter.

It said it would spend $14.5 billion this year, around $500

million less than its previous guidance, and reiterated its

$13-$15 billion target for next year and 2027.

Activist investor Elliott wants BP to boost its free cash

flow through significant spending cuts and cost reductions,

replace its strategy chief and create upstream and downstream

units to clarify accountability, sources familiar with the

matter have told Reuters.

Elliott has increased its stake in BP to just over 5%,

placing it between top shareholders BlackRock and Vanguard, LSEG

data shows.

In the first quarter last year, BP reported underlying

replacement cost profit - its definition of adjusted net income

- of $2.7 billion.