bp’s first quarter profits fall below expectations

By Staff
2 Min Read

bp has disclosed its financial performance for the first quarter of 2024.

The energy giant reported an underlying profit of $2.7 billion (£2.1bn), which fell short of analyst predictions by a slight margin.

This figure represents a decline from the $5 billion (£3.9bn) profit recorded in the same period last year.

The decrease in profit was attributed to lower oil and gas prices, as well as an unexpected outage at one of bp’s refineries in the US.

Murray Auchincloss, the chief executive officer of BP, commented on the company’s recent performance, stating, “We’ve delivered another resilient quarter financially and continued to make progress on our strategy.

“Oil production was up and our ACE platform in the Caspian is now producing. We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion (£1.6bn) of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs.”

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