BP reported a net income of $1.63 billion, significantly up from a loss of $129 million the previous year. This marked the first positive results since the company's strategic shift back towards fossil fuels. Research director Kathleen Brooks noted this as a significant milestone for BP's return to profitability. Current CEO Murray Auchincloss emphasized a commitment to delivering improvements for investors and mentioned plans for a new cost review. BP also committed to divesting $20 billion in assets by 2027 and is cutting overall costs.
"BP is much less interested in telling the public about the number of coffees it sells each year and is now focused on how much oil it can extract," Brooks said, poking at former CEO Bernard Looney.
"We remain relentless in our aim to deliver improvements right across BP," Auchincloss said in the earnings call. "BP can and will do better for its investors."
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