BP reveals a fall in profits in the face of lower oil prices

Energy giant BP has revealed lower-than-expected profits in the face of lower oil prices and weaker refining margins than this time last year.
Greg Wright
By Greg Wright
Published 7th May 2024, 08:13 BST

BP said that underlying replacement cost profit – its preferred measure – was 2.7 billion US dollars (£2.2 billion) in the first quarter, down from 4.9 billion dollars (£3.9 billion) a year earlier.

The London-listed company also revealed plans to deliver two billion dollars (£1.6 billion) extra in cost savings by 2026.

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The company said it will continue to hand more cash to shareholders despite the fall in profits, announcing a new 1.75 billion dollar (£1.4 billion) share buyback.

Energy giant BP has revealed lower-than-expected profits in the face of lower oil prices and weaker refining margins than this time last year. (Photo by Peter Byrne/PA Wire)Energy giant BP has revealed lower-than-expected profits in the face of lower oil prices and weaker refining margins than this time last year. (Photo by Peter Byrne/PA Wire)
Energy giant BP has revealed lower-than-expected profits in the face of lower oil prices and weaker refining margins than this time last year. (Photo by Peter Byrne/PA Wire)

Murray Auchincloss, BP’s chief executive, said: “We’ve delivered another resilient quarter financially and continued to make progress on our strategy.

“Oil production was up and our Ace (Azeri Central East) platform in the Caspian is now producing.

He added in a statement: “We are simplifying and reducing complexity across BP.”

Related topics:London

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