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BP posts 97% drop in annual net profit

 Published: 15:55, 11 February 2025

BP posts 97% drop in annual net profit

The United Kingdom's British Petroleum (BP) on Tuesday said its annual net profit slumped 97 per cent in 2024, as the struggling oil and gas giant pledged to "fundamentally reset" its strategy.

Profit after tax tumbled to $381 million in 2024 from $15.2 billion in 2023, owing to weaker refining margins and asset write-downs, BP said in a results statement.