BP to Cut Costs by $2bn by 2026 After First Quarter Profit Dip
Tuesday, 7 May 2024, 08:44
BP to Cut Costs and Maintain Share Buybacks
BP plans to slash $2bn in costs by 2026 and continue its share buyback program, despite facing challenges in the first quarter. The oil company reported a decline in underlying profits to $2.7bn, citing lower gas prices and an unplanned refinery shutdown.
Profit Decline and Business Strategy
- Profit Impact: Underlying profits decreased to $2.7bn from $5bn year-over-year.
- Cost-Cutting Plan: BP aims to reduce $2bn in costs by 2026.
- Share Buybacks: Company plans to maintain share buybacks despite profit setbacks.
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