The British oil company BP recorded profits of 2,263 million dollars (2,102 million euros) in the first quarter of 2024, a drop of 72.4% compared to the same period last year, the company reported this Tuesday.
In a statement sent to the London Stock Exchange, the company states that its pre-tax profit for the quarter was $4,633 million, 60% less than in the same period in 2023, while total income was $49,961 million. dollars, minus 12.2%. .
The company’s acquisitions in the quarter totaled $27,647 million, while exploration expenses reached $247 million and distribution and administration expenses were $4,222 million.
The oil company also announced that it will carry out a share buyback worth $1.75 billion over the next three months.
The company’s debt between January and March amounted to 24,015 million dollars, an increase of 13.1% compared to the same period last year, added BP, which publishes its results in dollars, since it is the currency in which it is published. sells crude oil.
The company’s CEO, Murray Auchinclos, stated this Tuesday that the oil company achieved “another financially resilient quarter” and is “advancing the strategy,” adding that production has increased and its Caspian platform is producing.
“We are simplifying and reducing complexity at BP and plan to generate at least two billion dollars in cash cost savings by the end of 2026,” through digital transformation and supply chain efficiency, the executive highlighted.
Source: Observadora
