BP reports profit drop as energy giant restrategizes to focus on fossil fuel output

Britain's BP said on Tuesday net profit plunged in the first quarter as the struggling energy giant undergoes a major overhaul back to its fossil fuel business.

Profit after tax declined to $687 million, down from $2.3 billion in the first three months of 2024, driven by weaker gas sales and lower refining margins, BP said in a statement.

Total revenue fell four percent to slightly under $48 billion.

BP and other oil majors have been hit by a recent slump in crude...