BP reported a significant decline in its first-quarter profits, with earnings falling 40% to $2.7 billion, missing market expectations. The decrease was attributed to weaker oil and gas prices and a refinery outage in the US, despite higher oil and gas production. The company announced a $1.75 billion share buyback for the first quarter and plans to continue with another $1.75 billion buyback in the second quarter. Adjusted earnings per share were $0.16, below the expected $0.17, and revenue reached $49.96 billion, falling short of the anticipated $52.44 billion. Adjusted net profit was $2.72 billion, below the expected $2.92 billion.
BP's first-quarter earnings plunged by 40% to $2.7 billion, missing forecasts after lower energy prices and a US refinery outage offset increased oil and gas production https://t.co/5jOMPpjFVl https://t.co/XJ8RqWMHNy
BP's first-quarter earnings plunged by 40% to $2.7 billion, missing forecasts after lower energy prices and a US refinery outage offset increased oil and gas production. Read more here: https://t.co/h2NbrHg1hl https://t.co/fauytFBC6c
BP’s quarterly profit slides by 40% as refinery outage offsets higher output https://t.co/vm41ZYQjT3
BP profit slides by 40% as refinery outage offsets higher output #oott https://t.co/mxYhGnizj5
BP profit slides by 40% as refinery outage offsets higher output https://t.co/mxYhGnizj5
BP profits miss forecasts as oil and gas prices fall https://t.co/b3SQDejNkm
BP Profit Falls on Weaker Oil, Gas Trading; Misses Expectations https://t.co/xVE5Nd51dW
BP Q1 profits slump to $2.7 billion, missing forecasts https://t.co/WlEywdw4ty https://t.co/cqr2zxmXr9
BP misses expectations as profits slip on weaker oil and gas prices https://t.co/cXtecSfn2n
BP's first-quarter profit hit by lower oil and gas trading https://t.co/87fKWVrXFh
BIG OIL 1Q EARNINGS SEASON: BP misses street forecast, reporting adj net profit of $2.72bn (down from a year ago of $4.96bn). Weak cash flow means BP took on debt to fund capex, dividend and buybacks. Still, BP reconfirms another $1.75bn in buybacks in 2Q | #OOTT $BP
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