BP boss vows to ‘reset’ strategy after annual profits slump BP’s boss has pledged to “fundamentally reset” the firm’s strategy as annual profits slumped by more than a third and as 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.
On a statutory basis, BP saw replacement cost profits tumble to 750 million US dollars (£607 million) last year from 16.18 billion US dollars (£13.1 billion) in 2023.
It follows just days after US activist investor Elliott Investment Management was widely reported to have bought a stake in BP, which sent shares in the firm leaping higher on Monday on investor hopes it will spur a strategy rethink and board overhaul.
It came after fourth quarter earnings fell by more than expected, down 61% year-on-year to 1.17 billion US dollars (£947 million) – the weakest result since 2020 – amid stagnant oil prices and weak oil refining margins.
