The signage of the British oil and gasoline company BP (British Petroleum) is depicted in Warsaw, Pol, on July 29, 2024.
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British oil giant BP On Tuesday, the Slightly weaker was placed for the expected net profit for the first quarter, after a recent strategic reset and a malaise in raw prices.
The besieged oil and gas majoor achieved the underlying replacement costs profit, which was used to proxy for net profit, of $ 1.38 billion for the first three months of the year. This was missing analysis of the expectations of $ 1.6 billion, according to an LSEG-compiled consensus.
The net profit of BP was affected $ 2.7 billion a year earlier and $ 1.2 billion in the last three months of 2024.
The results eat like the energy -majoor fresh pressure of activist investors less than two months after announcing a strategic reset.
In search of the rebuilding of investor confidence, BP brought in February in February to reduce renewable expenses and to increase the annual editions for its core activities of oil and gas.
BP CEO Murray Aucins told CNBC’s “Squawk Box Europe” on Tuesday that the company was “a great start” to delete its strategic reset.
“We had a great operational quarter. We had our highest upstream operational efficient in history. Our refineries in the first quarter ran at the best that they walked in 24 years. We had six exploration debits in a row, which is really unusual and we started three three major projects,” said Auchincloss.
For the first quarter, BP announced to dividend per ordinary share of 8 cents and a share buying of $ 750 million.
The net debt rose to $ 26.97 billion in the January-March Pournal, an increase of $ 22.99 billion at the end of the fourth quarter. BP had previously warned about a lower reported electricity production and higher net debt in the first quarter, when they camels until the last three months of last year.
BP shares fell by 2.8% around 1:35 pm London, couple under his earlier losses.
Active
BP’s Green Strategy U-Turno did not speak to have gone far enough for people as activist-investor Elliott Management, who was made public last week with an importance of more than 5% in the London-Gente company.
The disclosure makes the American Hedgefonds BP’s Second Alarges shareholder after BlackRock, the world’s largest asset manager, according to LSEG data.
Elliott is said to have adopted a position in the oil and gas company in February, which controlled a stock race rally in the midst of expectations that his involvement could put BP under pressure to reduce gears to its oil and gas companies.
BP’s Auchincloss refused to comment on interactions with investors when he was asked if the company was under pressure from Elliott to go beyond the plans announced in his Pivot in February.
Notby, BP, the rebellion of the shareholders earlier this month at its annual general meeting. Almost a quarter (24.3%) of the investers voted against the res election of the outgoing chairman Helge Lund, a symbolic result that reflected a feeling of Desep frustration among the shareholders of the company.
Mark van Baal, founder of the Dutch activist investor, follows this, CNBC said last week that he hoped that the shareholder revolt means that Amanda Blanc, who leads the process to find the successor to Lund, will look for a new chairman who is “competent competent” of the climate and “will not respond so quickly to Shortm activists.”
It is expected that Lund will decrease from his role next year.
Takeover candidate
BP’s UnderPerformance compared to industrial Peters such as Exxon Mobil, Chevron and Shell have put the energy majaar in the spotlight as an excellent takeover candidate. Energy analysts have, however, questioned whether one of the most likely lovers will take the opportunity.
BP’s Auchincloss said on Tuesday that he was Waled
“What I will say is that we are a strong, independent company and we have a leading growth in the sector. And if we can produce the leading growth of the sector, and the first quarter is a fantastic example of that, the I have not concerts.
Murray Auchincloss, Chief Executive Officer of BP, during the “Ceraweek by S&P Global” conference in Houston, Texas, on March 11, 2025.
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The oil prices have had a mistake in the past months with fears of demand. International Benchmark Brent Crude Futures With delivery of June, on Tuesday morning was traded at $ 65.19 per barrel, more than 1% for the session. That is low of around $ 84 per barrel per year per year.
Asked for who could jeopardize weaker rough priests the sub of the company’s reset plans, Aucins said: “Not real. We have a balance of products that we think they generate income for us.
– CNBC’s Ruxandra Iordache has contributed to this report.
