BP Reports Lowest Quarterly Profit Since 2020 Amid Falling Oil Prices

The energy giant's earnings were impacted by weak oil demand and refining margins, but still surpassed analyst expectations.

BP's underlying profits for Q3 2024 fell to $2.3 billion, marking a 28% year-on-year decline.
Despite the profit drop, BP maintained its dividend and continued its $1.75 billion share buyback program.
Global oil prices have decreased due to weak demand from China and potential increased production in 2025.
BP has shifted focus from renewable energy to oil and gas, aiming to enhance shareholder value.
CEO Murray Auchincloss plans to cut $2 billion in cash costs by 2026 while investing in energy transition opportunities.