Oil giant BP has said it will “fundamentally reset” its strategy as profits dropped sharply last year. It is widely expected to say later this month that it will scale back renewable projects and increase oil and gas production following similar moves from rivals including Shell and Equinor. BP’s net income fell to $8.9bn (£7.2bn) in 2024, down from $13.8bn the previous year. It said lower oil and gas prices, plus lower profits from its refineries, had dented how much money it had made.
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