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British oil major BP reports sharp drop in fourth-quarter profit, vows strategy reset

Published

5 months ago

February 11, 2025

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The BP logo is displayed outside a petrol station near Warminster in Wiltshire, England, on Aug. 15, 2022.

Matt Cardy | Getty Images News | Getty Images

British oil major BP on Tuesday posted a sharp drop in fourth-quarter profit on weaker refining margins, announcing a $1.75 billion share buyback and a pledge to “fundamentally” reset its strategy.

The energy firm posted underlying replacement cost profit (RC profit) — used as a proxy for net profit — at $1.169 billion in the fourth quarter, compared with $2.99 billion in the same period of last year and with an analyst forecast of $1.2 billion, according to a LSEG poll.

The company attributed its quarterly 48% drop in RC profit to “weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses & corporate underlying charge.”

BP’s net debt hit just shy of $23 billion in the fourth quarter, increasing 10% year-on-year. Capital expenditure (capex) hit $3.7 billion in the October-December period, a steep drop from the $4.7 billion of fourth quarter 2024.

Despite this, the embattled energy company launched a $1.75 billion share buyback for the fourth quarter, with a dividend per ordinary share of $0.08. Analysts had previously questioned whether BP would slow down its share repurchases to reconcile its balance sheet.

“BP has guided to buybacks of $1.75bn to 1Q results, although no guidance is given beyond this. We had expected a cut to a lower run-rate with results, although there was some uncertainty whether the reduction in buyback would be given with the CMD or results. We continue to expect BP to reduce its buyback programme,” RBC analysts said Tuesday.

In its business breakdown, BP noted a 15% year-on-year drop in the RC profit performance of its gas & low carbon energy to $1.84 billion, despite a sharp recovery from $1 billion in the previous quarter. Oil production and operations jumped 37% on an annual basis, while the company flagged an overall “weak” contribution from its oil trading division following weaker refining margins.

BP shares were little changed following the results, down just 0.13% at 08:40 a.m. London time.

Reset

In a statement accompanying the results, CEO Murray Auchincloss said the company has been “reshaping” its portfolio with a “strong progress” in cutting costs and a planned further overhaul ahead.

“We now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for bp,” he said.

Oil majors have weathered a turn in tide over the past year, as crude prices retreated after initial support following Russia’s 2022 invasion of Ukraine and Western and G7 sanctions against Moscow’s barrels. In a January trading update, BP flagged higher corporate costs, lower fourth-quarter realized refining margins and one-off charges linked to its bio-ethanol acquisition.

BP has broadly underperformed its peers, with shares falling roughly 9% over the last year to the end of last week — compared with 6% gains for Shell. The stock gained ground on Monday, following weekend reports that activist investor Elliott Management has built a stake in the struggling oil major, fueling speculation that the influential hedge fund could pressure the energy company to shift gears on its core oil and gas businesses.

Speculation has otherwise long mounted over whether BP could become a takeover target – though the company’s £74-billion size could pose a challenge for suitors.

BP has sought to turn its fortunes through a major restructuring that included a downsize in leadership amid Auchincloss’ efforts to deliver at least $2 billion of cash savings by the end of 2026. In January, the firm expanded its cost-cutting drive to cut 4,700 of roles and last week revealed it is seeking buyers for its Ruhr Oel GmbH German refinery assets. But concerns linger over the clarity of BP’s strategic direction amid its sprawling green energy ambitions — with the company due to supply its next strategic update on Feb. 26.

Environment

Tesla’s retro-futuristic diner and Supercharger is here and it looks sick

Published

8 hours ago

July 15, 2025

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Tesla's retro-futuristic diner and Supercharger is here and it looks sick

Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.

This project has been in the works for a long time.

In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.

A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.

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Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.

In 2023, the automaker broke ground on the site of the diner.

7 years after being originally announced, the project appears now ready to open:

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Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.

A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.

Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.

Electrek’s Take

I think it looks pretty cool. I am a fan of the design and concept.

However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.

You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.

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Environment

Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Published

9 hours ago

July 15, 2025

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Westinghouse plans to build 10 large nuclear reactors in U.S., interim CEO tells Trump

Plant Vogtle Nuclear Power Plant in Waynesboro, GA, August 15, 2024.

Van Applegate | CNBC

Westinghouse plans to build 10 large nuclear reactors in the U.S. with construction to begin by 2030, interim CEO Dan Sumner told President Donald Trump at a roundtable in Pittsburgh on Tuesday.

Westinghouse’s big AP1000 reactor generates enough electricity to power more than 750,000 homes, according to the company. Building 10 of these reactors would drive $75 billion of economic value across the U.S. and $6 billion in Pennsylvania, Sumner said.

The Westinghouse executive laid out the plan to Trump during a conference on energy and artificial intelligence at Carnegie Mellon University. Technology, energy and financial executives announced more than $90 billion of investment in data centers and power infrastructure at the conference, according to the office of Sen. Dave McCormick, who organized the event.

Trump issued four executive orders in May that aim to quadruple nuclear power in the U.S. by 2050. The president called for the U.S. to have 10 nuclear plants under construction by 2050. He ordered a “wholesale revision” of the Nuclear Regulatory Commission’s rules and guidelines.

The U.S. has built only two new nuclear reactors over the past 30 years, both of which were Westinghouse AP1000s at Plant Vogtle in Waynesboro, Georgia. The project notoriously came in $18 billion over budget and seven years behind schedule, contributing to the bankruptcy of Westinghouse.

The industry stalwart emerged from bankruptcy in 2018 and us now owned by Canadian uranium miner Cameco and Brookfield Asset Management.

Westinghouse announced a partnership with Google on Tuesday to use AI tools to make the construction of AP1000s an “efficient, repeatable process,” according to the company.

Catch up on the latest energy news from CNBC Pro:

Environment

Hyundai’s electric minivan sheds its camo: Check out the new Staria EV

Published

9 hours ago

July 15, 2025

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Hyundai's electric minivan sheds its camo: Check out the new Staria EV

Hyundai’s electric minivan is finally out in the open. The Staria EV was caught without camo near Hyundai’s R&D center in Korea, giving us a closer look at the electric minivan undisguised.

Hyundai’s electric minivan drops camo ahead of debut

The Staria arrived in 2021 as the successor to the Starex, Hyundai’s multi-purpose vehicle (MPV). Although the Staria has received several updates throughout the years, 2026 will be its biggest by far.

Hyundai will launch the Staria EV, its first electric minivan. Like the current model, the 2026 Staria will be available in several different configurations, including cargo, passenger, and even a camper version.

We’ve seen the Staria EV out in public a few times already. Last month, we got a glimpse of it while driving on public roads in Korea.

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Despite the camouflage, new EV-like design elements were visible, including updated LED headlights and a full-length light bar. Although it’s still unclear, the electric version appears to be roughly the same size as the current Staria from the side, but slightly wider from the front.

New images posted on the South Korean forum Clien reveal a test car, expected to be Hyundai’s Staria electric minivan, without camo.

Like most Hyundai test cars, the prototype has a black front and a grey body. It still features a similar look to other prototypes we’ve seen, but you can clearly see the new facelift.

Earlier this year, a Staria EV was spotted in a parking lot in Korea, featuring a similar look. The electric version is nearly identical to the Staria Lounge, but with an added charge port and closed-off grille.

The Hyundai Staria EV is expected to make its global debut later this year. Technical details have yet to be revealed, but it’s expected to feature either a 76 kWh or 84 kWh battery, providing a range of around 350 km (217 miles) to 400 km (249 miles).

Hyundai's-first-electric-minivan — Hyundai Staria Lounge (Source: Hyundai)

Hyundai’s electric SUV arrives after Kia introduced its first electric van, the PV5, which launched in Europe and Korea earlier this year.

In Europe, the Kia Passenger PV5 model is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version has a WLTP range of 181 miles or 247 miles.

Source: TheKoreanCarBlog, Clien

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