BP reported a fourth-quarter underlying profit of $3 billion, exceeding the consensus estimate of $2.76 billion, driven by strong natural gas trading. The company announced an increase in share buybacks, with a commitment to $3.5 billion for the first half of 2024 and $1.75 billion for the fourth quarter. This acceleration in buybacks comes despite a decline in full-year profit. BP's debt gearing was reported at 19.7%, slightly above the estimated 19.2%. Adjusted earnings per share (EPS) reached $17.77, surpassing the forecast of $16.27. Operating cash flow was also higher than expected at $9.38 billion. The new CEO, Murray Auchincloss, emphasized a pragmatic approach to investments and the energy transition, while acknowledging strong growth in oil demand. BP's stock rose following the earnings announcement, making the biggest gains in a year.
WATCH: The British energy giant BP boosted share repurchases and vowed to make pragmatic investments, in moves to soothe investor concern over its energy transition plans after it posted a forecast-beating earnings of $3 billion in the fourth quarter https://t.co/fSrSTw3nsE https://t.co/hlfzhXo7tY
BP posted forecast-beating earnings of $3 billion in the fourth quarter while boosting share repurchases and vowing to make pragmatic investments, as its recently appointed CEO sought to allay investor concern over its energy transition strategy https://t.co/8N6089TlVY https://t.co/kj0ws1THDg
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$BP beats forecast with $3 billion quarterly profit, boosts buybacks BP posted forecast-beating earnings of $3 billion in the fourth quarter while boosting share repurchases and vowing to make pragmatic investments, as its recently appointed CEO sought to allay investor concern…
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BP profits plunge as oil prices ease https://t.co/WneguL8UOo
BP to simplify business, become more pragmatic, CEO says https://t.co/iH5pJJU9no https://t.co/QJXYmYH2b5
British #energy giant #BP rebounds into vast profit in 2023, it says, after slumping into a loss the prior year on its exit from Russia following Moscow’s Ukraine invasion. https://t.co/1PDeXCAzgt
BP Beats Earnings Estimates and Boosts Buybacks. The Stock Is Rising. https://t.co/d5wponhEP3
BP shares make biggest gains in a year on buyback plan as profit tops estimates https://t.co/9MOQFhpAtD
🔴 BP CEO: I SEE VERY STRONG GROWTH IN OIL DEMAND.
"Oil demand [growth] continues to be very strong" - BP CEO | #OOTT
BP will be "pragmatic" about the energy transition, says new CEO Murray Auchincloss | #OOTT $BP
BP to become more pragmatic in investments, CEO says #oott https://t.co/r1bC88xHYz
BP beats Q4 profit forecast, increases share buybacks https://t.co/un4SCG2eI7 https://t.co/g7qZKkxmRz
BP launches new share buyback despite drop in profits https://t.co/gmhBC3aVvW
BP posts forecast-beating profit, launches $1.75 billion buybacks https://t.co/h5S6kgP5KI
Oil major BP accelerates pace of share buybacks after sharp drop in full-year profit https://t.co/VZbzF6veJA
BIG OIL 4Q EARNINGS: BP continues the trend, beating (slightly) the consensus, reporting underlying profit of $2.99 billion on the back of strong natural gas trading results. The company quickened the pace of its buybacks to $1.75 billion for 1Q (up from $1.5 billion) | #OOTT $BP
$BP | BP Q4 23 Earnings: - Adj EPS $17.77 (est $16.27) - Adj Net $2.99B (est $2.76B) - Oper Cash Flow $9.38B (est $8.24B) - Debt Gearing 19.7% (est 19.2%) - Committed To $3.5B Share Buyback For H1 Of 2024 - Announces $1.75B Share Buyback For Q4