• BP reported a first-quarter underlying replacement cost profit of $1.4 billion, falling short of analyst expectations of $1.6 billion. This marks a significant drop from $2.7 billion in the same quarter last year, reflecting the impact of lower crude prices and operational challenges. The company is under pressure from activist investors following its recent strategic reset, which aims to refocus on oil and gas after a period of increased renewable spending.

• CEO Murray Auchincloss emphasized operational successes, including high upstream efficiency and refinery performance, despite the profit miss. BP announced a dividend of 8 cents per share and a $750 million share buyback, but net debt rose to $26.97 billion. The company’s stock fell 3.3% following the earnings report, highlighting investor concerns about its market position and the effectiveness of its strategic pivot.