BP profits drop as it says it will reset strategy
Published On Feb 11, 2025, 2:31 AM
BP's profits have significantly declined, falling to $8.9 billion this year from $13.8 billion last year, due to lower oil and gas prices and reduced refinery profits. The company plans to 'fundamentally reset' its strategy, which includes scaling back on renewable projects, similar to actions taken by other companies in the sector like Equinor.
Stock Forecasts
BP
Negative
BP's reduced profit and the scaling back of renewable projects suggest a challenging outlook for the company's growth in clean energy. Investors may view this shift as a negative signal for BP's long-term strategy and viability in the renewable market, potentially leading to a dip in stock value as they adjust their expectations.
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