Reported 29 days ago
BP reported a 30% decline in third-quarter profit to $2.3 billion, marking its lowest earnings in nearly four years due to reduced refining margins and tepid oil demand, particularly from China. This slump raises scrutiny on CEO Murray Auchincloss's energy transition strategy as the company's shares underperform compared to rivals. Despite maintaining its dividend and buyback program, BP has adjusted its focus towards high-margin businesses and is reconsidering its expansion into renewables, signaling a strategic shift from its previous growth agenda.
Source: YAHOO