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Evening Standard
Evening Standard
Business
Holly Williams

BP boss vows to ‘reset’ strategy after annual profits slump

British Petroleum Oil

BP’s boss has pledged to “fundamentally reset” the firm’s strategy amid wide-ranging expectations that it will scale back its renewables projects, as annual profits slumped by more than a third.

The FTSE 100 firm reported a 36% drop in underlying replacement cost profits – the company’s preferred earnings measure – to 8.92 billion dollars (£7.22 billion) in 2024 from 13.84 billion dollars (£11.21 billion) in 2023.

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