LONDON, Feb. 11 (Xinhua) -- Oil giant British Petroleum's (BP) net profit after tax declined to 381 million U.S. dollars in 2024, dropping 97 percent from 15.2 billion U.S. dollars in 2023, the company said on Tuesday.

BP's net income fell to 8.9 billion U.S. dollars in 2024, down from 13.8 billion U.S. dollars the previous year. This marked its weakest annual performance since the company lost 5.7 billion U.S. dollars during the 2020 pandemic. BP is widely expected to scale back its renewable transition and increase oil and gas production.

The company also faces challenges in its refining sector, with the profit margin on each barrel dropping from 25.80 U.S. dollars in 2023 to 17.70 U.S. dollars. This resulted in a swing in refining and trading businesses from 3.8 billion in pre-tax profit in 2023 to a loss of 67 million U.S. dollars last year.

BP also announced plans to overhaul its strategy to improve financial performance after reporting a drop in profits in 2024, it said on Tuesday. Company Chief Executive Officer Murray Auchincloss said: "Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further performance improvements, all in service of growing cash flow and returns."

BP's share price rose 8 percent on Monday following the disclosure that Elliott Management, a U.S. activist investor, has added stakes in BP, signaling potential strategic shifts from the investor. However, the stock share of BP remained flat on Tuesday morning. Enditem

Related

Go to Forum >>0 Comment(s)