BP profit falls 70% in pivot to oil and gas

Sustainability chief to step down in June

- ALEXANDRA BACON

Britain's BP said yesterday its net profit plunged in the first quarter as the struggling energy giant undergoes a major overhaul to revive its fossil fuel business.

Profit after tax declined to $687 million, down from $2.3 billion in the first three months of 2024, driven by weaker gas sales and lower refining margins, BP said in a statement.

Total revenue fell four percent to slightly under $48 billion.

BP and other oil majors have been hit by a recent slump in crude prices on fears that US President Donald Trump's tariffs could cause a recession, impacting demand.

"We continue to monitor market volatility and changes and remain focused on moving at pace," chief executive Murray Auchincloss said in an earnings statement.

Under pressure from investors, BP is in the midst of a major reset that saw it shelve its once industry-leading carbon-reduction targets to focus on fossil fuel output that it deemed more profitable.