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BP has pledged to “fundamentally reset” its strategy and improve its performance as the struggling oil major reported a steep drop in profits for the final quarter of last year.
The group on Tuesday reported underlying profits of $1.17bn for the period, falling by roughly half compared with the previous quarter and significantly below the $2.99bn it made in the fourth quarter of 2023.
Chief executive Murray Auchincloss has faced calls to set out a fresh strategy after several quarters of disappointing results, concern over the group’s aggressive push into renewables and a share price that has lagged behind rivals over the past year.
In a statement on Tuesday, Auchincloss pledged to increase “cash flow and returns” and said he would unveil “a new direction for BP” at an investor day on February 26.
The pressure on BP intensified this week after it emerged that US activist investor Elliott Management had built a stake in the company.
While the size of Elliott’s stake is unclear, another BP shareholder said that the group’s holding meant that change at the London-listed oil major was now inevitable.
This is a developing story
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