BP underlined its multi-billion-dollar investor payout plans today, even as it pledged to cut costs and profits at the UK’s second-biggest energy major fell further than City experts expected. The trading update from the £86 billion multinational re-ignited the controversy about bumper paydays from the energy sector after the cost-of-living crisis BP’s key industry earnings measure, underlying replacement cost profit fell to $2.7 billion (£2.2 billion), from $2.9 billion in the fourth quarter and almost $5 billion in the same period a year ago. It was expected to be $2.9 billion, even for a period of generally lower oil and gas prices. CEO Murray Auchincloss, who took up the top job permanently in January, called the numbers “resilient”, but pointed to cost-cutting plans ahead. “We are simplifying and reducing complexity across BP and plan to deliver at least $2 billion of cash cost savings by the end of 2026”, he said. Nonetheless, BP pledged to keep the pace of its share buy back at $1.75 billion for the quarter and repeated its commitment to return $3.5 billion in the first half of the year. Capital return from major energy forms remains a hot topic after the record profits which followed the disruption in global...