BP has announced plans to scale back its climate targets, as indicated by the new CEO Murray Auchincloss, focusing more on shareholder returns despite a decrease in first-quarter profits and cash flow due to lower natural gas prices. The company reported a Q1 adjusted EPS of $0.16, missing the expected $0.17, with revenues also falling short at $49.96 billion against expectations of $52.44 billion, and an adjusted net profit of $2.72 billion, below the forecast of $2.92 billion. Despite these financial setbacks, BP has declared a $1.75 billion share buyback for Q1 and plans to continue with a $3.5 billion buyback in the first half of the year. Additionally, BP aims to cut costs by $2 billion by the end of 2026.
Hydrocarbons win the ESG wars BP to focus on shareholder returns over climate ambitions, CEO Murray Auchincloss says https://t.co/yyHUFWbasV
BP Plc maintained the pace of its share buybacks even as first-quarter profit and cash flow fell by more than expected and net-debt increased. https://t.co/agzdbRmdUH
BP to focus on shareholder returns over climate ambitions, CEO Murray Auchincloss says https://t.co/QItzBNk6uH
$BP out with 1Q earnings. Earnings a little ahead of consensus, but with weak cash flow generation for the quarter.
BP ends Big Oil earnings with maintained share buybacks https://t.co/O00I4X9aNJ
$BP (-2.2% pre) BP Maintains Share Buybacks as Cash Flow Drops, Debt Rises https://t.co/Ad389Bxhgb
Shell, BP Keep Pace of Stock Buybacks Steady After 2023 Retreat #oott https://t.co/Gj1Iich1Tr
BP Maintains Share Buybacks as Cash Flow Drops, Debt Rises Company will repurchase $3.5 billion of shares in first half CEO sets cash cost-saving goal of $2 billion by end of 2026 #oott https://t.co/ZLAQnYfRDV
๐ฐ Duke Energy $DUK EPS. vs Forecast 1.44 / 1.38 ๐ข Rev. vs Forecast 7.67B / 7.31B ๐ข Market Cap: 77.47B
BP plans cost cutting alongside multi-billion payday for investors https://t.co/2lXnLCQNxN
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๐ฐ UBS Group $UBS EPS. vs Forecast 0.52 / 0.248 ๐ข Rev. vs Forecast 11.96B / 11.77B ๐ข Market Cap: 94.00B
๐ฐ BP ADR $BP EPS. vs Forecast 0.9744 / 1.01 ๐ด Rev. vs Forecast 48.88B / 53.67B ๐ด Market Cap: 104.48B
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BP to cut $2bn in costs as profits miss forecasts https://t.co/JbsYz41DKK
BP kept up the pace of share buybacks in the second quarter, following peer Shell, as oil majors double down on making shareholders returns a priority https://t.co/v3oH58fkQN
BP maintains the pace of its share buybacks even as first-quarter profit fell by more than expected amid lower natural gas prices https://t.co/59NYXO6iyG
BP Q1 24 Earnings: - Adj EPS: $0.16 (exp $0.17) - Revenue: $49.96B (exp $52.44B) - Adj Net Profit: $2.72B (exp $2.92B) - Announces $1.75B Share Buyback In Q1
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Shareholders in BP are preparing for the company to scale back its climate targets further after a shift in tone from the oil majorโs new chief executive. #oott https://t.co/qkPRKDI28G