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Evening Standard
Evening Standard
Business
Henry Saker-Clark

BP makes ‘significant progress’ on fossil fuel strategy as profits slump

British Petroleum Oil United States
BP revealed lower profits but said it is making progress with its new growth strategy (Yui Mok/PA) - (PA Wire)

The boss of BP said the energy giant has “already made significant progress” with its oil and gas focused growth strategy as it pulls back from renewables to boost its finances.

The company nevertheless revealed profits for the past quarter dropped by almost half and its debts swelled to 27 billion US dollars (£20.1 billion) amid pressure from weaker oil prices.

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