BP’s boss has pledged to “fundamentally reset” the firm’s strategy as annual profits slumped by more than a third and the oil giant faces pressure from an activist investor. The FTSE 100 firm reported a 36% drop in underlying replacement cost profits – the company’s preferred earnings measure – to 8.92 billion dollars (£7.22 billion) in 2024 from 13.84 billion dollars (£11.21 billion) in 2023. #BP
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post and
00:04here are your headlines for today. The boss of BP has promised to fundamentally reset
00:11the firm's strategy after its annual profits slumped by more than a third. BP reported
00:18a 36% fall in underlying replacement cost profits to $8.92 billion in 2024, from $13.84
00:27billion in 2023. Fourth quarter earnings fell by more than expected, down by 61% year-on-year
00:36to $1.17 billion. This is the weakest result since 2020 amid stagnant oil prices and weak
00:46oil refining margins. So I read this morning from BP, one of the biggest names in the world
00:51of business. The boss has pledged to fundamentally reset the strategy after its annual profits
00:57slumped. My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.