BUSINESS LIVE: BP profits fall 72%; Wayve raises more than $1 billion; Retail sales sink in April

BP posted a 72 percent year-on-year drop in net profit during the first quarter as the energy giant suffered much lower gas prices.

After-tax profits fell to $2.3 billion from $8.2 billion in the first three months of 2023, while total revenue fell 13 percent to $48.9 billion.

Rival Shell said last week that its net profit fell 15 percent to $7.4 billion in the first quarter.

Gas prices have fallen sharply since soaring following major energy producer Russia’s invasion of Ukraine in early 2022.

Chief Executive Murray Auchincloss said: “We have delivered another financially resilient quarter and continue to advance our strategy.” Oil production has increased and our ACE platform in the Caspian is now producing.

“We are simplifying and reducing complexity at bp and plan to generate at least $2 billion in cash cost savings by the end of 2026 through high rating of our portfolio, digital transformation, supply chain efficiency and global capacity centers.