BP in reset mode as Q1 profits slip back
Global energy giant BP posted a $1.4bn profit in the first quarter of 2025, about half its first-quarter profit a year ago, as a mix of corporate and market challenges impacted performance.
CEO Murray Auchincloss pointed to market volatility and economic uncertainty for the weaker results. BP is also in the midst of a ‘resetting strategy’ and is reallocating capital.
The reset, unveiled in February, marks a fundamental shift, aiming to prioritise oil and gas while reducing investment in low-carbon energy and renewables – and followed a 35% drop in annual profits to $8.9bn.
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