bp has confirmed it stopped 18 early-stage hydrogen projects as it posted its weakest quarterly profit in almost four years.
The energy major’s underlying profit for July-September was $2.2bn, down from $3.3bn in the third quarter of 2023, while in the first nine months in 2024 it totalled $7.7bn, down from $10.8bn in the corresponding period last year.
CEO Murray Auchincloss said it laid out its priorities earlier this year to make the company “simpler, more focused and higher value”, and insisted it has a “deep belief in the opportunity afforded by the energy transition” despite curtailing investment in hydrogen. Altogether 24 projects have been stopped or paused.
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