BP Faces $600 Million Profit Hit Amid Weak Refining Margins

The energy giant struggles with falling margins and a strategic shift under new leadership, impacting investor confidence.

BP anticipates a $600 million reduction in third-quarter profits due to declining refining margins and weak fuel demand.
The company's refining margins fell from $20.6 to $16.5 per barrel, significantly impacting earnings.
CEO Murray Auchincloss is scaling back BP's energy transition strategy to regain investor confidence.
BP's share price has underperformed compared to rivals like Shell and Exxon, with a 12% drop this year.
The company expects higher net debt due to delayed asset sale proceeds and ongoing strategic adjustments.