Source: Sharecast
The blue chip said underlying replacement cost profits - its core measure of income - were $1.38bn in the first quarter of 2025.
That was an improvement on the previous three months’ $1.17bn, but down sharply on the $2.72bn posted in the first quarter of 2024. It was also below analyst forecasts for $1.53bn.
Net debt, meanwhile, jumped to $26.97bn from $24.02bn a year previously.
A $750m share buyback was announced, down on the $1.75bn announced in the fourth quarter
Under previous chief executive Bernard Looney, BP committed to move away from oil and gas and focus instead on renewables.
However, the share price has struggled since then, and current head Murray Auchincloss - who was appointed in September 2023 - has now committed to reverse the strategy and refocus on oil and gas.
The company has been further impacted this year by heightened market volatility and sliding oil prices, in response to Donald Trump’s tariff regime and Opec-mandated supply hikes.
Auchincloss said: "In February, we announced a fundamental reset of our strategy - to grow the upstream, focus the downstream and invest with discipline - and we have already made significant progress.
"We 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."