BP Delivers Positive Performance in 4Q24 with $1.75B Share Buyback Plan

February 11, 2025 06:14 PM AEDT | By Team Kalkine Media

BP Delivers Positive Performance in 4Q24 with $1.75B Share Buyback Plan — Image source: Shutterstock

Enhancing Efficiency and Portfolio Optimization

BP continued its strategic focus on high-grading its portfolio by divesting non-core assets and streamlining costs. The company achieved $0.8 billion in structural cost reductions throughout 2024. Additionally, BP announced an agreement to form an offshore wind joint venture with JERA Co., Inc., reinforcing its commitment to renewable energy investments.

Expanding Global Energy Investments

BP made Final Investment Decisions (FID) on 10 major projects in 2024, underscoring its commitment to long-term growth. Key developments include:

Tangguh UCC project in Papua Barat, Indonesia.
Formation of Arcius Energy, a new gas joint venture with XRG.
Technical services agreement with ONGC for India’s largest offshore oil field, which contributes approximately 25% of the country's oil production.
Start-up of the Azeri Central East (ACE) platform in the Caspian Sea during 2Q24.

Commitment to Shareholder Returns

BP reaffirmed its focus on returning capital to shareholders by announcing a dividend of 8 cents per ordinary share and a $1.75 billion share buyback for the fourth quarter of 2024.

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