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British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

BP reported a sharp decline in profits, from $13.4 billion in 2023 to $8.2 billion in 2024, amid pressure from activist investor Elliott Management.
Murray Auchincloss, BP's CEO, announced plans for a fundamental reset of the company's strategy to improve performance and cash flow.
BP's fourth-quarter profit was $1.17 billion, missing analyst estimates of $1.26 billion, marking its lowest quarterly profit since 2020.
A $1.75 billion share buyback program was announced, with further guidance expected at a Capital Markets Update on February 26.

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BP executive promises 'reset' after profits fell in 2024

BP Chief Executive Murray Auchincloss promised a "reset" for the company, including dialing back climate commitments, on Tuesday after a dip in annual profits and a threat from an influential activist investor.

12 days ago·Washington, United States

BP Teases Fundamental Reset of Strategy to Boost Returns and Cash

BP (NYSE: BP) on Tuesday pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and seeks to push up its stock performance and regain investor trust. “Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns,” BP’s chief executive Murray Auchincloss said in a…

12 days ago·London, United Kingdom

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