Company News

bp’s Third Quarter Saw Flat Fuels Margins, Seasonally Higher Volumes

Convenience-store chain also launched rewards program, private-label line
bp earnings
Photograph courtesy of bp

bp’s third-quarter 2024 earnings report highlighted that convenience and mobility saw broadly flat fuels margins and seasonally higher volumes partly offset by costs, compared to the third quarter of 2023.

Its third-quarter 2024 convenience and mobility customer earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.4 billion, which is $200 million of growth compared to a year ago. 

  • bp is No. 7 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by total number of company-owned stores.

The convenience store and fuel company launched epic goods, a line of private-label consumer-packaged products in the United States, this quarter.

It also launched a new customer loyalty program in the U.S., earnify, providing exclusive discounts on convenience and fuels.

Chicago-based bp’s convenience sites grew from 2,750 in third-quarter 2023 to 2,950 in third-quarter 2024, reported to the nearest 50, according to the company.

The company is also focusing on sustainability, aiming for $2 billion in sustainable cost reductions by the end of 2026.

It is investing in digital transformation through an expanded partnership focused on artificial intelligence (AI) and innovation to transform operational performance across bp, according to the company.

The company’s earnings report also laid out six priorities, including improving safety and reducing emissions; driving focus into the business; delivering the next wave of efficiency; delivering growth projects; optimizing return on average capital employed (ROACE); and growing shareholder returns.

“We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value,” saif Murray Auchincloss, CEO of bp. “In oil and gas, we see the potential to grow through the decade with a focus on value over volume. We also have a deep belief in the opportunity afforded by the energy transition—we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business. I am absolutely clear that the actions we are taking will grow the value of bp.”

Global energy company bp, which has U.S. headquarters in Chicago, owns convenience-store brands ampm, Thorntons and TravelCenters of America in the United States.

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