BP chief executive Murray Auchincloss today promised a new direction for the oil giant ahead of a strategy update due later this month.
The impact of lower oil prices and weaker refining margins meant BP posted an underlying replacement cost profit of $1.17 billion for the final quarter of 2024.
As part of the update, BP said it intends to review elements of its financial guidance including expectations for 2025 share buybacks and capital expenditure.
Presenting the company’s annual results, Auchincloss said: “We have been reshaping our portfolio - sanctioning new major projects, and focusing our low-carbon investment - and we have made strong progress in reducing costs.
The FTSE 100 starts the session at 8767 after rising 0.8% yesterday, with BP shares up 7% on the back of stake building by an activist investor.
