BP profits slump to four year low as activist shareholder circles The boss of BP today promised “to fundamentally reset” the oil supermajor’s strategy after he unveiled a 60% fall in profits in the fourth quarter of the year.
BP said the lower profits reflected “weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses and corporate underlying charge.”.
Analysts at Jefferies said: “Given Elliott’s track record, we believe its involvement could lead to board changes, portfolio rationalisation, with a focus on exiting low carbon assets and certain retail regions,, and capital expenditure prioritisation on upstream projects.”.
Russ Mould of brokers AJ Bell said: “The arrival of activist investor Elliott on the oil major’s share register means the strategy presentation really had better be good.”.
Replacement cost profit were $1.2 billion in the last three months of 2024, sharply down from $3 billion for the same period last year and the lowest in four years.
