BP profits miss forecasts as oil and gas prices fall

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BP made an underlying profit of $2.7bn in the first quarter of 2024, slightly below a consensus forecast from analysts of $2.9bn, and said its earnings had fallen because of lower oil and gas prices compared with the same period last year.

BP’s first-quarter underlying profit from gas and low carbon energy was $1.6bn, compared with $3.5bn last year, when prices were still high in the wake of Europe’s energy crisis.

The UK-listed energy company maintained the pace of its share buyback scheme at $1.75bn for the quarter and promised to make at least $2bn of cost savings by the end of 2026.

This is a developing story.