Photo: Collected
British energy giant BP said on Tuesday (7 May) net profit slumped 72 percent in the first quarter, as gas prices declined from a year earlier.
Profit after tax tumbled to $2.3 billion from $8.2 billion in the first three months of 2023, BP said.
Total revenue dropped 13 percent to $48.9 billion.
Alongside the results, BP announced "at least" $2.0 billion in cost savings by the end of 2026.
"We are simplifying and reducing complexity across BP," chief executive Murray Auchincloss said in an earnings statement.
Auchincloss, a veteran BP employee, became CEO in January following a period as interim boss in the wake of Bernard Looney's sacking.
Looney was dismissed over his failure to disclose past relationships with colleagues.
BP's rival Shell said last week its net profit dropped 15 percent to $7.4 billion in the first quarter.
Gas prices have dropped heavily since soaring after the invasion of Ukraine by major energy producer Russia in early 2022.
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