The oil giant will give its latest quarterly results in an update on May 7, with profit expected to come in at £5.07billion, lower than the £6.79billion at the same point in 2023
BP is expected to report a decrease in profits and revenue for the first quarter of 2024 due to lower oil prices and weaker refining margins compared to last year.
The oil giant is set to reveal its latest quarterly results on May 7, with profits predicted to be around £5.07 billion, a drop from the £6.79 billion at the same time in 2023. This follows the departure of former chief executive Bernard Looney in September over personal misconduct allegations.
In comparison to its competitors, especially those in the US, BP has been underperforming recently, largely due to its increased focus on transitioning to green energy. Unlike its American counterparts, BP has committed to achieving net zero emissions by 2050, aligning with the Government’s energy transition plan.
However, this update comes just days after four individuals were arrested when members of the Fossil Free London campaign group attempted to disrupt a BP meeting at its Sunbury-on-Thames office in Surrey. Protesters had intended to interrupt CEO Murray Auchincloss’s opening speech, but were prevented from entering the building by security personnel.
Despite this, shouts could still be heard from outside as chairman Helge Lund began the meeting, with protesters chanting: “Shut down BP. You’ve got blood on your hands.” The latest financial figures reveals that Shell’s first quarter earnings have taken a dip to £6.1billion for the initial three months of 2024, down from £7.7billion in the previous year.
Meanwhile, ExxonMobil and Chevron disclosed their first-quarter figures last week. ExxonMobil’s earnings fell short of market expectations at $8.2billion (£6.5billion), while Chevron surpassed forecasts with profits of $5.5billion (£4.3billion).
BP’s stock saw a 5% increase on Friday compared to the same period last year, after 12 months of fluctuating oil prices, Bernard Looney’s exit and a plunge in natural gas prices to the historic lows of 2020, hovering around $1.6 (£1.2) per million British thermal units.
Market analysts at AJ Bell commented: “Even though BP has since refined its plan and slowed down its move away from oil and gas, with the result that output is expected to drop by 25% between 2020 and 2023, rather than by 40%, this is still more radical than anything planned across the other super majors. BP’s shares have lagged those of its peers since Mr Looney first outlined the plan in February 2020.”