BP saw a sharp decline in profits in in the fourth quarter with a replacement cost (RC) loss of $2bn, down from $1.1bn in Q3.
The oil and gas supermajor's annual results, published today (11 February), show an RC profit – BP's preferred earnings measure – of $750m for 2024, down from $16.2bn in 2023. Earlier this week it was revealed that activist hedge fund Elliott Investment Management has built up a major stake in the firm, which has been struggling with failed transitions to renewable energy generation over the years. BP's plans to ditch oil production target shows fiduciary duty trumps ESG In light of the results, BP's CEO Murray Auchincloss said the company is overhauling its strategy to turnaround ...
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