Today, BP reported a Q1 net profit of $1.4 billion, missing the $1.6 billion analyst expectation. The results come just two months after the company announced a strategic reset.
BP CEO, Murray Auchincloss told investors: “In February, we announced a fundamental reset of our strategy – to grow the upstream, focus the downstream and invest with discipline in the transition – and we have already made significant progress. So far this year we have started up three major projects, made six exploration discoveries and have progressed our divestment programme – all while delivering strong operational performance, with over 95% upstream plant reliability supporting the best operating efficiency* on record, and over 96% refining availability.”
Moving forward Auchincloss says the company will “continue to monitor market volatility and changes and remain focused on moving at pace. I’m confident that our plans to strengthen the balance sheet, reduce costs, and improve cash flow and returns will grow long-term shareholder value and strengthen the resilience of bp.”
Following the earnings release, Auchincloss told reporters, “We had a great operational quarter. We had our highest upstream operating efficiency in history. Our refineries in the first quarter ran at the best they’ve run in 24 years. We had six exploration discoveries in a row, which is really unusual and we started out three major projects.”
By CEO NA Editorial Staff
