BP Reports Decline in Q3 Profit Amid Strategic Shifts

BP (BP) has released an update.

BP reported a third-quarter 2024 profit of $206 million, a significant drop from $4.858 billion in the same period last year, despite achieving an underlying replacement cost profit of $2.3 billion. The company continues to focus on efficiency, targeting $2 billion in cash savings by 2026, and announced an 8-cent dividend per share alongside a $1.75 billion share buyback. BP’s strategic moves include expanding its presence in Azerbaijan and restructuring its business to prioritize value over volume during the energy transition.

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