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The Guardian - UK

Business

Jillian Ambrose

BP to cut $2bn in costs as profits miss forecasts

British Petroleum Murray Auchincloss Oil Gas Prices

BP’s first-quarter profits were below analyst predictions of almost $2.9bn. Photograph: Kacper Pempel/Reuters

BP said it would cut $2bn (£1.6bn) in costs from its business by the end of 2026 after reporting worse than expected profits for the first quarter of the year.

The oil company revealed that its underlying profits fell to $2.7bn for the first three months of 2024 even as it grew its oil and gas production.

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