BP plc reported Tuesday that profit for the first quarter of fiscal 2024 fell 72.46% to $2.3 billion from $8.2 billion a year earlier. Compared to Q4 2023, lower oil and gas prices, a Whiting refinery outage, and a weaker fuels margin impacted results.

With an operating cash flow of $5 billion, the company recorded an adjusted EBITDA of $10.3 billion, which is less than the $13 billion recorded the previous year. Meanwhile, the announced dividend per ordinary share increased to $7.2 cents. In today's earnings report, BP announced a share buyback program of $1.75 billion shares for Q1 2024.

"We've delivered another resilient quarter financially and continued to make progress on our strategy. Oil production was up and our ACE platform in the Caspian is now producing. We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs," Murray Auchincloss, Chief Executive Officer, said.