• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 12 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Hydrogen Mining: The New Energy Transition Challenge

Hydrogen Mining: The New Energy Transition Challenge

French researchers have discovered a…

BP Beats Q1 Profit Forecast With “Exceptional” Oil And Gas Trading

Despite falling oil and gas prices, BP on Tuesday reported $5 billion in profits for the first quarter, higher than the earnings for the fourth quarter of 2022 and above consensus estimates, thanks to what it described as “exceptional” gas trading and “a very strong oil trading result.”

Underlying replacement cost profit – BP’s metric closest to net profit – was $4.963 billion for the first quarter of 2023, up from $4.807 billion for the fourth quarter of 2022, but down from the $6.245 billion for the first quarter of 2022 when oil and natural gas prices soared after the Russian invasion of Ukraine.  

The Q1 2023 profit beat the $4.27 billion consensus estimate of 25 brokers provided by BP.  

“Compared to the fourth quarter 2022, the result reflects an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result, partly offset by lower liquids and gas realizations and lower refining margins,” BP said in a statement.

In the first quarter, BP generated surplus cash flow of $2.3 billion and intends to execute an additional $1.75 billion share buyback from surplus cash flow before the announcement of its second quarter 2023 results.  

During the first quarter, the UK-based supermajor completed $2.2 billion of share buybacks from surplus cash flow. The $2.75 billion share buyback program announced with the fourth quarter results was completed on April 28, 2023.

BP remains committed to using 60% of its surplus cash flow for this year for share buybacks, subject to maintaining a strong investment-grade credit rating.

“This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations,” CEO Bernard Looney said.

“And importantly we continue to deliver for shareholders, through disciplined investment, lowering net debt and growing distributions.”

BP’s resilient profits despite the drop in commodity prices followed earnings beats at the two U.S. supermajors, Exxon and Chevron, at the end of last week.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

MoreTop Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News