BP p.l.c.:  A Focus On Value Over Volume In Hydrocarbon Production

BP, the energy giant has reaffirmed its annual target and unveiled a new cost-cutting measure, reflecting its bid for financial resilience in an increasingly competitive energy market. Despite an unplanned outage at its Whiting refinery, BP posted an adjusted EBITDA of $10.3bn in the first quarter of 2024, underlining a robust financial performance. Its operating cash flow, adjusting for seasonal working capital build, was $7.4bn in the reported quarter. The company also recorded underlying earnings of $2.7bn, reflecting steady profitability.