In second-quarter 2024, bp generated strong operating cash flows, reduced net debt, increased the dividend and extended its commitment to buybacks, according to the London-based company.
- bp is No. 7 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by total number of company-owned stores.
“Our businesses continue to operate safely and efficiently,” said Murray Auchincloss, CEO of bp. “We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025.”
Compared with first-quarter 2024, the result reflects an average gas marketing and trading result, significantly lower realized refining margins, stronger fuels margins and lower taxation.
Reported loss for the quarter was $100 million, compared with a profit of $2.3 billion for the first quarter 2024.
“What is absolutely clear to me is that we have a great business with great people—and—we also have great partnerships with countries and customers with whom we are aligned on working together to advance the energy transition,” Auchincloss said. “There is a lot of opportunity emerging for us, and I am convinced, more than ever, of the capability and potential to continue to grow the value of bp.”
In its customers’ business, bp expects fuels margins to remain sensitive to movements in the cost of supply and seasonally higher volumes compared to the second quarter. It also expects 2024 turnaround to have lower financial effect versus 2023.
The number of electric vehicle (EV) charge points installed and energy sold in the first half of 2024 grew by around 30% and around twice that, respectively, compared to the same period last year, with charge points now totaling to around 35,700.
In July, bp pulse signed a deal with Simon Property Group to install and operate up to 900 ultra-fast charging bays at up to 75 sites across the United States, with initial sites expected to open to the public in early 2026.
The company has also entered into an agreement with Tesla this quarter, where bp will purchase $100 million ultra-fast chargers, and about $500 million was approved for the next two to three years as part of $1 billion by 2030.
Global energy company bp, which has U.S. headquarters in Chicago, owns convenience-store brands ampm and Thorntons in the United States. In May, it completed its acquisition of TravelCenters of America, Westlake, Ohio.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.