BP Plc Q1 RC Profit Plunges On Weak Sales; Backs FY24 Production View

(RTTNews) - British energy major BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday that its first-quarter replacement cost or RC profit plunged to $1.61 billion from last year's $8.67 billion.

Underlying RC profit for the first quarter was $2.72 billion, compared with $4.96 billion for the same period of 2023. Underlying RC profit per ordinary share dropped to 16.24 US cents from 27.74 US cents a year ago. Underlying RC profit per ADS was $0.97, compared to $1.66 last year.

Analysts on average expected the company to report earnings of $0.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Profit attributable to bp shareholders in the first quarter was $2.26 billion, compared to $8.22 billion in the same period of 2023.

Earnings per ADS was $0.80, down from $2.70 last year.

Adjusted EBITDA declined to $10.31 billion from last year's $13.07 billion.

Sales and other operating revenues were $48.88 billion, down from prior year's $56.18 billion. The Street was looking for revenues of $55.08 billion for the quarter.

Looking ahead, bp expects second-quarter reported upstream production to be slightly lower sequentially.

For fiscal 2024, bp continues to expect both reported and underlying upstream production to be slightly higher compared with 2023.

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