BP profits halve as oil major struggles to turn around business

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BP’s first-third profit has dropped to $ 1.38 billion a year to $ 1.38 billion, analysts have become less than predicted, because the UK’s power Major fights to turn around.

The company said on Tuesday that it suffered from its gas marketing and business business, and the low cash flow to the quarter has contributed to the growth of $ 4 billion on the net debt since last year. To $ 27 billion.

BPThis year, the strategy of becoming a leader in Green Energy has left the strategy, under the pressure of Eliot Management, the employee investor is under pressure to increase his free cash flow.

On Tuesday, BP said that Jiulia Cheerchia, who was adapted to its strategy, who helped to oversee the previous push for clean energy, would leave the company in June and would not be replaced.

The FTSE3 Group has said that now this year has planned to sell at least $ 3bn-$ 4bn assets and is confident that it will be able to reduce the debt at the end of 2027. 14bn-$ 18 billion.

Despite the weakness, the BP has said that it will reduce $ 1.75bn in the previous quarter and buy an analyst’s expectations to buy $ 750 million shares at the bottom of the range.

Oil Major shares have been reduced by about 10 percent to the rival shell by about 3 percent decrease and grossing of 3.5 per cent for the gross.