bp to reset strategy after 2024 profits dip to $8.9bn

bp’s annual underlying profit slipped from $13.8bn in 2023 to $8.9bn last year, prompting a ‘strategy reset’.

Underlying profit for the fourth quarter totalled $1.2bn, compared with $2.3bn for the previous quarter, which the energy major attributed to weaker realised refining margins, higher impact from turnaround activity and seasonally lower customer volumes as well as ‘fuels margins and higher other businesses and corporate underlying charge’.

CEO Murray Auchincloss said it ‘laid the foundations’ for growth last year.

“We have been reshaping our portfolio – sanctioning new major projects, and focusing our low-carbon investment – and we have made strong progress in reducing costs.”