The British firm indicated that Auchincloss is expected to return to the office in February after a successful planned medical procedure. The capital markets day, originally scheduled for February 11 in New York, will now take place on February 26 in London.
This delay adds to the challenges faced by Auchincloss, who has been working to stabilize the company amid investor apprehensions regarding its strategy, particularly following the sudden resignation of his predecessor, Bernard Looney, in September 2023 for not disclosing relationships with employees.
Shares of BP, which have lagged behind most competitors over the past year, fell nearly 3% in morning trading. The company will still release its fourth-quarter and full-year results as scheduled on February 11.
At the upcoming capital markets event, Auchincloss is anticipated to present his strategic vision for the company, having significantly reduced investments in renewables and low-carbon energy while prioritizing higher-return oil and gas projects since assuming his role in January of the previous year.
Panmure Liberum analyst Ashley Kelty remarked, "We continue to believe that the current board lacks the resolve to alter course and rejuvenate the strategy."
He added that the pressure on CEO Auchincloss will intensify unless he demonstrates his ability to lead independently and move beyond Bernard Looney's influence.
BP also indicated that a decline in refining margins, along with turnaround and maintenance activities, could lead to a profit decrease of up to $300 million quarter-on-quarter. Furthermore, the company anticipates a potential reduction of $200 million to $400 million in its oil production and operations unit, along with an expected decline in overall production.
Global demand for gasoline and diesel has not met projections, and the introduction of new oil refineries in Asia and Africa has led to an oversupply situation.
The group's underlying replacement cost profit for the third quarter, which serves as its measure of net income, reached $2.27 billion, marking the lowest level since the fourth quarter of 2020, a period when profits plummeted due to the pandemic.
Recently, Shell indicated a decline in performance across several divisions, while Exxon Mobil projected a $1.75 billion decrease in earnings for the fourth quarter.
BP anticipates a reduction in its net debt by the end of December compared to the previous quarter, and exploration write-offs are expected to decrease by between $100 million and $200 million.