What drove BP's earnings miss in early 2024?

BP's earnings miss in early 2024 can be attributed to a combination of factors:

1. **Oil and Gas Prices**: The most significant factor was the decline in oil and gas prices. BP's underlying replacement cost profit dropped to $2.72 billion, down from $3.61 billion a year earlier. This decline directly impacted BP's earnings, as lower oil prices reduce the revenue from oil and gas production.
2. **Production and Operations**: There were operational issues at BP's Whiting complex in the United States, which led to a 17% quarter-over-quarter decrease in US refining throughput. Such operational disruptions can negatively affect earnings by reducing the volume of oil processed and thereby impacting revenue.
3. **Revenue Shortfall**: BP's revenues fell short of expectations, with a 14% shortfall in the first quarter compared to analyst estimates. This shortfall was likely due to the combination of lower oil prices and operational challenges.

In summary, BP's earnings miss in early 2024 was primarily driven by a decline in oil and gas prices and operational issues at its refineries. These factors combined to reduce BP's underlying replacement cost profit and resulted in a disappointing quarterly performance.