The chief executive of BP has taken a £2.3m pay cut as profit was slashed at the FTSE 100 giant, it has been revealed.

Graeme Evans. This year’s poor run for Greggs shares has continued, despite the company unveiling record profits and forecast

BP shares were 2% or 6.7p lower at 430.2p, having been 1.5% higher prior to the update. Elsewhere, stronger miners and Lloyds Banking Group helped the FTSE 100 index click back in

In presentation Wednesday, Chief Executive Officer Murray Auchincloss reversed a plan to shrink oil and gas production and said BP would cut investments in low-carbon energy. He also unveiled a plan to sell about $20 billion of assets by the end of 2027.

Fresnillo shone as the precious metals miner posted a big jump in full-year sales and operating profits. Revenues rose by 26.9% to $3.64bn and earnings before interest, taxes, depreciation and amortisation by more than double to $1.55bn.

The news sent copper futures surging by nearly by 5%, so watch for any impact on the likes of Rio Tinto, Anglo American, Glencore or Antofagasta. FTSE 100 futures are up 0.7%, tracking gains elsewhere as global assets stabilise and move on from weak economic data which rattled markets in the prior session.

Banks were the biggest boost on the FTSE 100, with mortgage lender Lloyds up 3.2%, after at least two brokerages raised their price target on the stock. Metro Bank gained 1.3% after the lender said it has signed an agreement to sell a portfolio of about 584 million pounds ($739 million) of unsecured personal loans.

UK shares tracked global equities lower on Tuesday, after the U.S. hit top trading partners with new tariffs, while falling oil prices weighed on shares of energy companies.

BP PLC BP shares slipped 2.15% to £4.37 Tuesday, on what proved to be an all-around positive trading session for the stock market, with the FTSE 100 Index UKX rising 0.11% to 8,668.67. BP PLC closed 19.24% short of its 52-week high of £5.41, which the company reached on April 12th.

BP's Chief Executive Murray Auchincloss has accepted a significant decrease in pay, with his earnings for 2024 totalling £5.4 million, down from £7.7 million the prior year, marking a £2.3 million reduction as the oil titan saw its profits diminished.

BP shares were 2% or 6.7p lower at 430.2p, having been 1.5% higher prior to the update. Elsewhere, stronger miners and Lloyds Banking Group helped the FTSE 100 index click back into gear after a ...