In the first quarter of 2025, Chicago-based bp expects seasonally lower volumes in customers and fuel margins to remain sensitive to movements in cost of supply, according to the company’s fourth-quarter and full-year 2024 earnings results.
In the full year 2025, the company expects growth in its customers business, with a full-year contribution from bp bioenergy and a higher contribution from TravelCenters of America “in part supported by a partial recovery from the U.S. freight recession,” the company said. “Earnings growth is expected to be supported by structural cost reduction. bp continues to expect fuels margins to remain sensitive to the cost of supply and earnings delivery to remain sensitive to the relative strength of the U.S. dollar.”
bp is No. 7 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by total number of company-owned stores.
In January, bp opened its first electric vehicle (EV) charging hub at a TravelCenters of America site, which it acquired in May. It also announced in 2024 the milestone of one terawatt hour of energy sold, which is one billion kilowatt hours. Last month, bp also confirmed that it plans to cut 5% of its global employees. The layoffs will help reduce costs for the convenience retailer and oil company by at least $2 billion by the end of 2026 and address investor concerns over the company’s strategy to transition to a low-carbon economy, the company said.
“In 2024 we laid the foundations for growth,” said Murray Auchincloss, CEO of bp. “We have been reshaping our portfolio—sanctioning new major projects and focusing our low-carbon investment—and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns.”
In fiscal year 2024, bp’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $38 billion, $5.7 billion lower than 2023 “reflecting the impact of lower refining margins, training results and realizations partly offset by higher upstream production,” said Auchincloss.
Bp’s retail network expanded in the United States in 2024 as it opened the 300th TravelCenters of America location in Walton, Kentucky.
Also in 2024, bp pulse signed a deal to roll out new ultra-fast Gigahubs at 75 locations in the U.S. owned by Simon, a real estate company that invests in shopping, dining, entertainment and other mixed-use centers.
Additionally, it launched a new integrated customer loyalty program, earnify, providing savings on convenience and fuels.
Global energy company bp, which has U.S. headquarters in Chicago, owns TravelCenters of America and convenience-store brands ampm and Thorntons in the United States.
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