BP PLC (LSE:BP.) reported a profit of $2.3 billion attributable to shareholders in the first quarter, a significant decrease from $8.2 billion in the same period last year.
The less-favourable comparison reflects exceptionally strong gas marketing and trading results in the first quarter of 2023, weaker fuel margins, and lower production at 914 million barrels of oil equivalent- 5.7% lower year on year.
BP’s chief executive Murray Auchincloss said the oil major is seeking $2 billion in cash cost savings by the end of 2026 “through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs”.
Shareholder returns remained strong though. The dividend per share was announced at 7.27 cents, up from 6.61 cents in the first quarter of 2023. BP also announced a $1.75 billion share buyback.
Looking ahead, BP expects upstream production to be “slightly lower” in the second quarter, though both reported and underlying upstream production for the full year should be “slightly higher compared with 2023”.