FTSE 100 Live 11 February: BP boss promises 'new direction', blue-chip index seen lower

BP chief executive Murray Auchincloss today promised a new direction for the oil giant ahead of a strategy update due later this month. “It will be a new direction for BP and we look forward to sharing it at our capital markets update on 26 February.” As part of the update, BP said it intends to review elements of its financial guidance including expectations for 2025 share buybacks and capital expenditure.

In This Article: BP boss promises “new direction” for oil giant, profits fall 07:18 , Graeme Evans BP chief executive Murray Auchincloss today promised a new direction for the oil giant ahead of a strategy update due later this month. Presenting the company’s annual results, Auchincloss said: “We have been reshaping our portfolio - sanctioning new major projects, and focusing our low-carbon investment - and we have made strong progress in reducing costs. “Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns.

“It will be a new direction for BP and we look forward to sharing it at our capital markets update on 26 February.” As part of the update, BP said it intends to review elements of its financial guidance including expectations for 2025 share buybacks and capital expenditure. It is planning another $1.

75 billion share buyback in the first quarter, while it announced a dividend of eight cents for the fourth quarter. The impact of lower oil prices and weaker refining margins meant BP posted an underlying replacement cost profit of $1.17 billion for the final quarter of 2024.

This compared with the previous year’s $3 billion and left the total for the year sharply lower at $8.9 billion. FTSE 100 seen lower despite US markets rally 07:03 , Graeme Evans The FTSE 100 index is set to fall back after posting another record close last night .

IG Index futures show a decline of about ten points, in line with this morning’s downbeat performances by the Hang Seng index and Shanghai Composite. US markets finished in positive territory, despite fears over the inflationary impact of Donald Trump’s 25% tariffs on steel and aluminium imports . The Dow Jones Industrial Average rose 0.

4%, the S&P 500 lifted by 0.7% and the Nasdaq Composite advanced 1%. The gold price remains near to a record high at $2916 an ounce, while the pound is at $1.

236. The FTSE 100 starts the session at 8767 after rising 0.8% yesterday, with BP shares up 7% on the back of stake building by an activist investor .

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