bp sees profits fall as oil and gas prices ease
Profits were $13.8 billion (€12.3 billion) in 2023 - down from a record $27.7 billion (€25.7 billion) in the previous year.
Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia's invasion of Ukraine because of fears over supplies.
While households energy bills have fallen since 2022, they still remain at a high level.
The results are the first released by bp since the company announced Murray Auchincloss as its new chief executive.
Previous boss, Bernard Looney, resigned last September after admitting he had not been "fully transparent" about his past personal relationships at the firm.
The fall in bp's profits echo the results from rival Shell, which last week posted profits of $28.2 billion (€26.2billion), down from $39.9 billion (€37.1billion) in 2022.
The company also said it expected "underlying production from oil production and operations to be higher" this year, but production from gas and low carbon energy to be lower.