BP has followed rival Shell in revealing a sharp fall in profits in 2023, reflecting a significant drop in oil and gas prices. It also achieved a better-than-expected performance in the final three months of 2023, posting underlying profits of $3billion (£2.4billion) against analyst forecasts of $2.8billion (£2.2billion). Under previous boss Looney, BP rowed back on plans to cut oil and gas output amid concerns about energy security and affordability. The London-based group expects underlying oil and gas production to rise this year but gas and low-carbon energy output to decline. Like BP, Shell announced a dividend uplift last week despite its annual profits also plunging due to tumbling petroleum and gas prices.

Source: Daily Mail February 07, 2024 02:06 UTC