News flash
- bp chief executive Murray Auchincloss has announced the company has “completely decapitalised” its renewables business.
Auchincloss was responding to analyst questions after fourth quarter 2024 results presentation. The company reported underlying profits of $1.17bn in the period, compared to the $2.99bn it made in the final three months of 2023. bp’s operating cash flow for 2024 was $27.3 billion, it raised the dividend by 10% and delivered $7 billion in share buybacks – and it announced a further $1.75 billion in buybacks.
“We have sanctioned 10 new projects, stopped 30 projects across the business. We’ve accessed new countries. “We’ve completely decapitalised renewables. So, it’s a sizable shift in the portfolio that we have moving forward. And given the degree of that change, it’s now time to reset the strategy and plot a new beginning for us…I’m excited to be sharing it with you in a couple weeks’ time. It’s going to be great,” said Auchincloss.
Author: Bryan Groenendaal
