Company News

bp Reports $2.3 Billion Profit for First-Quarter 2024

Earnings also reveal plans to deliver at least $2 billion in cash cost savings by the end of 2026
bp first-quarter earnings 2024
Photograph: Shutterstock

bp delivered an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $10.3 billion in first-quarter 2024 and $2.7 billion in underlying earnings. The convenience-store and fuel retailer has plans to deliver at least $2 billion in cash cost savings by the end of 2026.

Its reported profit for the first quarter was $2.3 billion, up from $0.4 billion in the fourth quarter of 2023.

The replacement cost profit for gas and low carbon energy before interest and tax for the first quarter was $1 billion, compared with $2.2 billion for the previous quarter. Gas marketing and trading was favorable following a strong result in the fourth quarter.

“We've delivered another resilient quarter financially and continued to make progress on our strategy,” said Murray Auchincloss, CEO of bp. “Oil production was up, and our ACE platform in the Caspian is now producing. We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs.”

  • bp America Inc. is No. 7 on CSP’s 2024 Top 40 Updateto the 2023 Top 202ranking of U.S. c-store chains by store count. Watch for the full 2024 Top 202 ranking in the June issue of CSP magazine and in CSP Daily News. 

The Chicago-based company simplified its organizational structure during the first quarter, splitting it into five functions: finance; technology; strategy, sustainability and ventures; people and culture; and legal. The company will continue to have three businesses—production and operations; gas and low carbon energy; and customers and products—enabled by trading and shipping. These businesses will be supported by the five functions.

It also reduced its executive team to 10 members, but its financial reporting structure remained unchanged. William Lin, who previously led regions, corporates and solutions, will now lead the gas and low carbon energy business, succeeding Anja-Isabel Dotzenrath, who is retiring from bp. Emeka Emembolu will head bp’s technology function, taking over from Leigh-Ann Russell, who is leaving bp for an external opportunity.

In convenience, Auchincloss said bp is focused on "the rollout of strategic convenience sites, integrating TravelCenters of America and realizing deal synergies, and [we] expect to grow EBITDA to around $800 million in 2025, with convenience a significant contributor.”

Highlights in the U.S. for quarter one also include its bp pulse EV charging investment. The company approved approximately $500 million for next two to three years as part of plans to invest $1 billion in EV charging in the U.S. by 2030. It also made an agreement with Tesla for the future purchase of $100 million of ultra-fast chargers.

The company aims to have more than 100,000 bp pulse charging points globally by 2030—around 90% rapid or ultra-fast.

bp owns convenience-store brands ampm and Thorntons. In May, it completed its acquisition of TravelCenters of America, Westlake, Ohio. Bpx, bp’s U.S. onshore oil and gas business, began operating as a standalone entity in 2015.

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