Profit after tax declined to US$687 million from US$2.3 billion in the first three months of 2024, BP said in a statement.

BP and other oil majors have been hit by a recent slump in crude prices on fears that US President Donald Trump’s tariffs could cause a recession, impacting demand.

Total revenue fell 4% to slightly under US$48 billion.

“We continue to monitor market volatility and changes and remain focused on moving at pace,” said chief executive Murray Auchincloss.

The struggling energy giant recently launched a major reset that saw it shelve its once industry-leading carbon-reduction targets to focus on fossil fuel output deemed more profitable.

The recent retreat in oil prices has cast doubt over this, however, according to analysts.

Auchincloss said he is “confident” in BP’s plans to boost profits and reduce costs.

The strategy overhaul followed a difficult trading year for BP, which is under pressure from investors to boost its share price as countries look to slash emissions.

The company confirmed last week that US activist investment fund Elliott Investment Management has taken a stake of just over 5% in BP.

The fund is known for forcing through corporate changes within groups it invests in, according to analysts.

To the dismay of environmentalists, the group has also cut cleaner energy investment by more than US$5 billion annually as part of its reset strategy.