BP delivers ‘another resilient quarter financially’
Reported profit for the quarter was $2.3 billion, compared with $0.4 billion for the fourth quarter 2023
Print7 May 2024
BP has delivered another resilient quarter financially, and plans to deliver at least $2 billion of cash cost savings by the end of 2026, its latest financial results show.
Reported profit for the quarter was $2.3 billion, compared with $0.4 billion for the fourth quarter 2023.
Underlying replacement cost (RC) profit for the quarter was $2.7 billion, compared with $3.0 billion for the previous quarter.
Commenting on the results, Murray Auchincloss, chief executive officer, BP, said, “We’ve delivered another resilient quarter financially and continued to make progress on our strategy.
“Oil production was up and our ACE platform in the Caspian is now producing.”
Next wave of efficiencies
bp noted that it has a target to deliver at least $2 billion of cash cost savings by the end of 2026 relative to 2023.
The reduction is expected to result from cost-saving measures across BP’s business underpinned by high-grading the portfolio, digital transformation, supply chain efficiencies and global capability hubs.
“We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs,” Auchincloss added.
Read more: BP records first loss in a decade
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