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BP's profits have plummeted, but the CEO claims the Global Strategy transformation is off to a "good start."
BP PLC, the giant in the oil industry, announced on Tuesday that its Net income for the first quarter was slightly lower than expected due to the sharp drop in Crude Oil Product prices and adjustments in its Global Strategy. The core alternative cost profit (i.e., Net income Indicators) reported by the troubled energy group was $1.38 billion, below the $1.6 billion projected by Analysts. BP PLC's Net income for the same period last year was $2.7 billion, and it is expected to be $1.2 billion in the fourth quarter of 2024. The release of the Earnings Reports comes less than two months after BP PLC announced its strategic transformation, facing new pressures from activist investors. To rebuild investor confidence, BP PLC committed in February to reduce Wind Power expenditures and increase annual investments in its Oil & Gas core Business.
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