BP Signals Weaker Fourth-Quarter Results

BP warned on Tuesday that its fourth-quarter results will be hit by weaker oil and gas production, refining margins and trading, while also delaying a highly-anticipated investor day due to a medical procedure undergone by CEO Murray Auchincloss.

The British company said Auchincloss will be back in the office in February after undergoing a planned medical procedure from which he is recovering well. The planned Feb. 11 capital markets day in New York will now be held on Feb. 26 in London.

The delay is a further hiccup for Auchincloss, who has struggled to steady the company amid investor concerns over strategy and following the abrupt resignation of his predecessor Bernard Looney in September 2023 for failing to disclose relationships with employees.

Shares in the group, which have underperformed those of most of its rivals over the past year, were down nearly 3% in morning trade. BP will still publish its fourth-quarter and full-year results as planned on Feb. 11.

Auchincloss is expected at the capital markets event to unveil his strategy for the company, after sharply slowing down investments in renewables and low-carbon energy and focusing on higher-return oil and gas projects since taking office in January last year.

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