In its most recent earnings report, BP reported an overall operating cash flow of $27.3 billion in 2024, with an adjusted EBITDA of $38.0 billion; and a 2024 upstream production of 2,358mmboe/d, which was 2.0% higher than 2023. BP said that its underlying RC profit for the quarter was $1.2 billion, down from $2.3 billion in the previous quarter. “Compared with the third quarter 2024, the underlying result reflects weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses & corporate underlying charge,” the company said.
Murray Auchincloss, chief executive officer of BP, said that the company is poised for growth going forward.
“In 2024 we laid the foundations for growth. We have been reshaping our portfolio—sanctioning new major projects and focusing our low-carbon investment—and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, 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 and we look forward to sharing it at our Capital Markets Update on February 26,” said Auchincloss.
In 2024, the company said it focused on efficiency with a high-grading portfolio, and agreed to form an offshore wind JV with JERA Co. Inc. “We delivered $0.8 billion structural cost reduction in 2024,” BP said.
BP also focused on “growing its portfolio”, with FID taken on 10 major projects, including the Tangguh UCC project in Papua Barat, Indonesia; established a new gas joint venture, Arcius Energy with XRG; signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country's oil production; and the startup of a new Azeri Central East (ACE) platform in the Caspian Sea in 2Q24.
Last month, BP and TravelCenters of America (TA), part of the BP portfolio, celebrated the opening of an electric vehicle charging hub at a TA site in Jacksonville, Florida, expanding BP’s network of EV chargers in the United States. The charging site is the first of at least 40 set to open at TA locations across the country.
TA said the site features 12 ultra-fast electric vehicle charging bays with 400kW DC fast chargers. Customers have access to on-site amenities while charging, such as QSRs, a convenience store, WiFi, ATM and more.