BP benefits are halved as the main oil struggles to turn business

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The benefits of the first quarter of BP fell 49 percent year after year to $ 1.38 million, which reduced to analysts, as the largest Energy Major in the United Kingdom struggles to turn their business.

The company said on Tuesday that he had suffered weakness in his gas marketing and marketing business, and that his cash flow less than the quarter had contributed to an increase of $ 4 million from net debt from the end of last year to $ 27 million.

BpThat this year has abandoned its strategy to become a leader in green energy, it has been under the pressure of the activist investor Elliott Management to increase its free cash flow by making deep spending cuts.

On Tuesday, BP said that Giulia Chierchia, his strategy chief who helped supervise his previous push for clean energy, would leave the company in June and would not be replaced.

The FTSE 100 group said that he was now planning to sell at least $ 3 million to $ 4 million in this year, and remained safe that he would be able to reduce his debt to a $ 14 million range to $ 18 million by the end of 2027.

Despite the weakness, BP said that $ 750 million would be purchased again, dropping down from $ 1.75 million in the previous quarter and the bottom of the analyst’s expectations.

The actions of the largest oil have dropped almost 10 percent during the year so far, compared to the fall of 3 percent of the rival shell and a 3.5 percent increase for the whole.