British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit, pledging to 'fundamentally' reset the embattled energy company's strategy.
The BP logo is displayed outside a petrol station near Warminster in Wiltshire, England, on Aug. 15, 2022.on Tuesday posted a sharp drop in fourth-quarter profit, pledging to "fundamentally" reset the embattled energy company's strategy.
The company's net debt hit just shy of $23 billion in the fourth quarter, increasing 10% year-on-year. Capital expenditure hit $3.7 billion in the October-December period, a steep drop from the $4.7 billion of fourth quarter 2024. "We now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for bp," he said.
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