BP’s race to cut costs
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 23 April 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Tesla’s first-quarter adjusted profits dropped 39 per cent and the IMF has downgraded outlooks for G7 nations and big economies such as China and India. Plus, we take a look at whether BP can turn things around to catch up with its rivals.
Mentioned in this podcast:
Elon Musk to prioritise Tesla over White House role as profits slump
IMF warns of rising US recession risk and defends Fed policy
Vladimir Putin offers to halt Ukraine invasion along current front line
Will going back to basics restore BP’s fortunes?
Donald Trump says he has ‘no intention’ of firing Jay Powell
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, and we expect this to grow |
| 0:23.1 | to over 7 million UK households. We're an energy company searching for better. Equinor.com. |
| 0:29.0 | UK. |
| 0:33.0 | Good morning from the Financial Times. Today is Wednesday, April 23rd, and this is your FT News briefing. |
| 0:39.8 | Elon Musk says he will be focusing more of his attention on Tesla, |
| 0:43.9 | and the IMF is trying to figure out how to deal with the global trade war. |
| 0:48.2 | Plus, BP is under pressure from an activist investor. |
| 0:51.7 | It's going to be very difficult for BP to substantially increase its oil production in the |
| 0:56.5 | short term to be able to generate the sort of cash that Elliott is looking for. |
| 1:00.8 | I'm Mark Filipino, and here's the news you need to start your day. Tesla's profits hit a major speed bump in the first quarter. |
| 1:19.5 | They missed analyst expectations and dropped to their lowest level since 2020. |
| 1:24.4 | The company's electric vehicles sales have plummeted. |
| 1:27.1 | That's thanks to a weak product line |
| 1:29.2 | and consumer backlash against CEO Elon Musk's involvement in U.S. politics. Tesla could also |
| 1:35.5 | get hit by U.S. President Donald Trump's trade war. The company has warned that it could be a target |
| 1:40.1 | for retaliatory tariffs. But Musk might not be in consumers' crosshairs for long. |
| 1:46.5 | He said during yesterday's earnings call that his work at the so-called Department of Government |
| 1:50.8 | Efficiency is, quote, mostly done, and that he will be devoting more time to Tesla. |
| 1:56.3 | The company's shares rose close to 8% while Musk was talking. |
... |
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