BP Shares Move Higher On Bumper Q1 Profits Of $6.2B, Announces $2.5B Share Buyback

  • BP plc’s BP profits more than doubled to $6.2 billion in Q1, helped by soaring oil and gas prices, despite posting a massive loss after offloading its nearly 20% stake in a Russian-controlled oil company Rosneft RNFTF.
  • The company reported Q1 adjusted EPS of $1.92, more than double from $0.78 posted a year ago and beating the consensus of $1.33.
  • However, BP reported a headline loss of $20.4 billion, including non-cash pre-tax charges of $24 billion and $1.5 billion relating to the exit of its Rosneft stake in response to Moscow’s invasion of Ukraine.
  • During Q1, BP generated a surplus cash flow of $4.1 billion, and it intends to execute a $2.5 billion share buyback before announcing its second-quarter results.
  • BP reported sales of $51.22 billion, +41% Y/Y, missing the consensus of $57.71 billion.
  • Production: Reported production of 966 mboe/day, up 6.2% Y/Y. Underlying production was also higher, by 10.9%.
  • Realized prices jumped almost 90% at $50.91/boe.
  • Guidance: BP expects Q2 FY22 underlying upstream production to be lower than Q1 FY22, primarily in gas & low carbon energy, reflecting base decline and seasonal maintenance. 
  • On a reported basis, Q2 production will reflect additional impacts from the absence of production from Russia incorporated joint ventures. 
  • Price Action: BP shares are up 6.16% at $30.64 during the market session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsMid CapNewsPenny StocksGuidanceCommoditiesMarketsMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!