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The benefits of the first quarter of the BP fell 49% over a year to $ 1.38 billion, not exceeding analysts’ forecasts, while the major British energy has trouble overthrowing its activities.
The company said on Tuesday that it had suffered from weakness of its marketing and gas negotiation activities, and that its drop in cash flows during the quarter had contributed to an increase of $ 4 billion in net debt since the end of last year to $ 27 billion.
BP, which this year abandoned its strategy to become a green energy leader, was under pressure from the activist investor Elliott Management to increase his available cash flow by making deep expenditure reductions.
On Tuesday, BP said that Giulia Chierchia, her strategy manager who helped supervise her previous thrust for clean energy, would leave the company in June and not be replaced.
The FTSE 100 group said that it now planned to sell at least $ 3 billion at $ 4 billion in assets this year and remained confident that it would be able to reduce its debt to a range of $ 14 billion to $ 18 billion by the end of 2027.
Despite weakness, BP said that it would buy $ 750 million in stocks, compared to $ 1.75 billion during the previous quarter and at the bottom of the analysts’ expectations.
The shares of the major oil have dropped by almost 10% during the year to date, against a drop of almost 3% for the rival shell and an increase of 3.5% for the total history.
