BP is expected to announce slowing profits and revenues for the first quarter of 2024, as it wrestles with lower oil prices and weaker refining margins than this time last year.
The oil super major will give its latest quarterly results in an update on May 7, with profit expected to come in at £5.07bn, lower than the £6.79bn at the same point in 2023. The results come in the wake of former chief executive Bernard Looney quitting in September. BP has also underperformed when compared with its peers, particularly those in the US, of late, amid a greater focus on transitioning to green energy than other super majors.
Nonetheless, the update will come less than a fortnight after four people were arrested as members of campaign group Fossil Free London tried to disrupt BP’s meeting at its offices in Sunbury-on-Thames, Surrey. Protesters had planned to interrupt chief executive Murray Auchincloss’s opening remarks, but they were blocked from entering the building by security teams. The update will follow a similar results statement from Shell, which on Thursday announced first quarter earnings of £6.
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