BP in $1.75bn buyback as Q1 profits fall on weaker prices, margins
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reported a fall in first-quarter profit on the back of lower oil and gas prices, an outage at a US refinery and "significantly weaker" fuels margins as it also started a $1.75bn share buyback.
Underlying replacement cost profit for the quarter was $2.7bn, compared with $5bn a year earlier and $3bn for the final three months of 2023, BP said on Tuesday.
Looking ahead, BP expects second quarter 2024 reported upstream production to be slightly lower than the first-quarter.
The company added that it also expected realised margins to be impacted by narrower North American heavy crude oil differentials in the second quarter.
Both 2024 reported and underlying upstream production would be slightly higher compared with 2023 and it aimed to deliver at least $2bn of cash cost savings by end of 2026.
Divestment and other proceeds of $2 - 3bn were expected in 2024, weighted towards the second half, with $25bn of forecast between the second half of 2020 and 2025.
Reporting by Frank Prenesti for Sharecast.com
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