BP profits halve as oil major struggles to turn around business

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In the first quarter, the profit of BP fell half, the main part of the oil on Tuesday, as announced the executive departure, which was responsible for the strategy for renewable energy.

The weakness of gas marketing and trade was largely responsible for 49% year-old, and in the first quarter, $ 1.64 billion for analysts agreement.

Since December, since December, the growth of $ 27 billion worth of funds to $ 27 billion contributed to 4 billion dollars.

ThreadThis year she has left its strategy to become a leader of green energy, said that one of the architects of that program will leave the company in June. Giulia Chierchia, the head of its strategy will be replaced, BP said.

In February, Cherealthi was not stage when BP announced that it would fall oil and gas to revive the price of its diseased share. Also recently became a target for an activist investor for Elliott Management, which pushes for BP More Deep Cost Reductions And he wants to see that the company produces $ 20 billion in a free cash flow in 2027.

BP is the first to report to its first quarter earnings, competitors Shell, Totalenergies and ExxonMobil are planned to be published at the end of this week.

The world’s largest oil companies are closing for themselves The most complex year Since the Kuit -9 epidemic, as the rough prices fall into profits. BP is seen as the most revealed oil prices, which at the beginning of this month fell to a low level of four years due to its weak balance.

Its current strategy is based oil This year, one barrel price, while Brent Crude was trading at $ 65 per barrel on Tuesday.

BP did not say how to answer at lower prices, but said that it would cut its capital expenditures for $ 500 million for the year. Chief Executive Murray Auchirlos noted that the group will “continue to control the voltage of the market and continue to focus on moving to the PACE.”

The FTSE 100 group is scheduled to sell at least $ 3 billion to assets this year and be sure to reduce its debt by the end of 2027 by the end of 2027.

Despite the weakness, the BP said it will return $ 750 million shares in the previous quarter of $ 1.75 billion and at the bottom of analysts.

Early oil shares in early trading on Tuesday fell 3.8 percent and now fell at a rate of more than 13.5 percent compared to the competitor’s crisp.