British energy giant bp did not meet expectations with an almost 46% drop in net profit during the first quarter of 2024, according to its financial results statement released on Tuesday.
The company earned around $2.7 billion in the first quarter of this year, compared to $5 billion in the same quarter last year. The company’s first-quarter profit fell short of market expectations by $2.87 million.
bp had recorded nearly $3 billion in profit during the fourth quarter of 2023.
The decline in bp’s profits was driven by declining oil and gas prices and cuts at its refinery in the US. The company also announced a $1.75 billion share buyback program for the next three months.
‘We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion in cash cost savings by the end of 2026 through high-grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs,’ bp’s CEO, Murray Auchincloss, was quoted as saying in the statement.
