BP to cut $2bn in costs as profits miss forecasts

Oil company to maintain pace of share buybacks despite impact of falling gas prices

• Business live – latest updates

BP said it would cut $2bn (£1.6bn) in costs from its business by the end of 2026 after reporting worse than expected profits for the first quarter of the year.

The oil company revealed that its underlying profits fell to $2.7bn for the first three months of 2024, down from $5bn in the first quarter of last year, in part due to falling gas prices and an unplanned outage at a large BP refinery in the US.