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BP has pledged to “essentially reset” its technique and enhance its efficiency because the struggling oil main reported a steep drop in income for the ultimate quarter of final yr.
The group on Tuesday reported underlying income of $1.17bn for the interval, falling by roughly half in contrast with the earlier quarter and considerably under the $2.99bn it made within the fourth quarter of 2023.
Chief government Murray Auchincloss has confronted calls to set out a recent technique after a number of quarters of disappointing outcomes, concern over the group’s aggressive push into renewables and a share worth that has lagged behind rivals over the previous yr.
In a press release on Tuesday, Auchincloss pledged to extend “money circulate and returns” and stated he would unveil “a brand new path for BP” at an investor day on February 26.
The strain on BP intensified this week after it emerged that US activist investor Elliott Administration had built a stake within the firm.
Whereas the scale of Elliott’s stake is unclear, one other BP shareholder stated that the group’s holding meant that change on the London-listed oil main was now inevitable.
It is a growing story
