BP profits drop as it says it will reset strategy

Oil giant BP’s profits dropped sharply last year with the firm saying it will “fundamentally reset” its strategy.

It is widely expected to say later this month that it will scale back renewable projects following similar moves from rivals including Equinor.

BP’s net income fell to $8.9bn (£7.2bn) in 2024, down from $13.8bn the previous year.

It said lower oil and gas prices, plus lower profits from its refineries, had dented how much money it had made.