Oil company BP recently disclosed a significant decline in profits, falling well below market expectations. During the second quarter of 2023, the FTSE 100 giant reported an underlying replacement cost profit of $2.59 billion (£2 billion).
This figure stands in stark contrast to the $8.45 billion (£6.6 billion) profit recorded during the same period the previous year when the company benefited from a surge in oil and gas prices.
Looney emphasized the company’s commitment to executing its strategy with efficiency, which includes the rapid initiation of two major oil and gas projects to ensure uninterrupted energy supply.
By prioritizing transformative measures and capitalizing on growth opportunities, BP aims to fortify its position in the energy sector and deliver long-term value to its shareholders.