The group confirmed its annual results will go ahead on February 11 as planned, but it will delay a planned capital markets event due in New York on February 11 until February 26 as Mr Auchincloss recovers
Energy giant BP has been forced to postpone an investor presentation originally planned for New York as chief Murray Auchincloss needs more time to recover following a medical operation, signaling softer trading towards the year’s end.
A statement from the firm confirmed that the capital markets day, initially scheduled for February 11 in the Big Apple, has been pushed back until February 26 and relocated to London “to ensure his full recuperation”.
BP reassured investors that their annual results would still be announced on February 11, as previously set out. The company said: “Mr Auchincloss has recently undergone a planned medical procedure from which he is recovering well. He will be back in the office by February.”
Mr Auchincloss took over as CEO in January last year after former leader Bernard Looney abruptly left his post in September 2023, amid revelations that he had not declared past relationships with fellow staff members at BP.
The update on Mr Auchincloss’s health surfaced as BP, in a preliminary notice before its full-year earnings, stated that output of oil and gas during the fourth quarter was less than that seen in earlier quarters. Additionally, they forecast that oil trading might reveal “weak” performance.
Expected impacts include diminished refining margins that could weaken results by an estimated $100m (£82m) to $300m (£246m). On top of this, the energy titan anticipates impairments of up to $2bn (£1.6bn), along with higher yearly expenses of about $600m (£491m) within its assorted business divisions and corporate sector due to foreign exchange setbacks.
BP has revealed that oil prices took a nosedive in the final quarter of 2024, averaging at $74.73 a barrel, down from $80.34 in the previous three months. This news serves as yet another indicator of the challenging market conditions faced by the industry towards the end of last year.
Just last week, BP’s fellow FTSE 100 giant Shell announced that it anticipates “significantly lower” profits in its gas division for the fourth quarter compared to the preceding trimester.
