BP may be set to announce drop in profits and revenue

BP is expected to announce slowing profits and revenues for the first quarter of 2024, as it wrestles with lower oil prices and weaker refining margins than this time last year.

- Allister Hagger

The oil giant will give its latest quarterly results in an update on May 7, with profit expected to come in at £5.07billion, lower than the £6.79bn at the same point in 2023.

The results come in the wake of former chief executive Bernard Looney quitting in September over personal misconduct.

BP has also underperformed of late when compared with its peers, particularly those in the US, amid a greater focus on transitioning to green energy than other super majors.

Unlike its US counterparts, BP has pledged to hit net zero emissions by 2050, in line with the Government's energy transition plan.