Oil giant BP has announced that as part of its cost-saving ambitions it has “focused its portfolio”, which includes killing off 18 early-stage hydrogen projects.

BP has released its Q3 2024 financial results, which was delivered during a video presentation and published in a 32-page report.

Murray Auchincloss, BP’s CEO, who took on the role earlier this year, started off by highlighting how its operations are doing, which he said are running well “supporting delivery of an underlying profit of $2.3bn in the quarter”.

However, this profit is down from last quarter ($2.8bn to $2.3bn), and to help drive improvements he said that the company will “reshape [its] portfolio to set up BP to grow value and returns”.

This reshaping of the portfolio includes the killing off of 18 early-stage hydrogen projects.

In September 2024, Auchincloss had announced that the business was halting new offshore wind projects. This, according to The Guardian, was an apparent attempt to placate investors and shareholders...