LONDON: British energy giant BP on Tuesday said net profit slumped 72% in the first quarter, as gas prices declined from a year earlier.
Profit after tax tumbled to US$2.3 billion from US$8.2 billion in the first three months of 2023, BP said in a statement.
Total revenue dropped 1% to US$48.9 billion.
Alongside the results, BP announced “at least” US$2 billion in cost savings by the end of 2026.
“We are simplifying and reducing complexity across BP,” chief executive Murray Auchincloss said in the earnings statement.
The update comes after BP rival Shell last week said its net profit dropped 15% to US$7.4 billion in the first quarter.
Gas prices have dropped heavily since soaring after the invasion of Ukraine by major energy producer Russia in early 2022.