Argos platform in the Gulf of Mexico; Source: BP

BP’s profit cut in half but $13.8 billion still cinched in 2023

UK-headquartered oil and gas giant BP has experienced a significant drop in profits alongside its peers due to lower oil and gas prices and refining margins. Despite a 50% fall in profit on a year-over-year basis, compared to the profit bonanza in 2022, the UK firm still reported a solid overall operational and financial performance during 2023 while reimagining itself in a bid to transition from an International Oil Company (IOC) to an Integrated Energy Company (IEC). On this quest, the oil major will keep pursuing its existing strategy which revolves around resilient hydrocarbons, convenience and mobility; and low-carbon energy.

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