BP Pledges Strategic 'Reset' As Profit Tumbles

BP has embarked on a plan to find $2 billion in cost savings and last month axed 4,700 staff jobs, or five percent of its workforce (Credit: AFP)

Britain's BP on Tuesday said its annual net profit slumped 97 percent last year, as the struggling oil and gas giant pledged to "fundamentally reset" its strategy.

Profit after tax tumbled to $381 million in 2024 from $15.2 billion in 2023, owing to weaker refining margins, asset write-downs and unfavourable accounting effects linked to gas prices, BP said in a results statement.