BP Q2 Results Down, Miss Estimates; Plans Further $1.5 Bln Buyback

(RTTNews) - British energy major BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday weak profit and revenues in its second quarter, both below market estimates.

For the second quarter, bp has announced a dividend per ordinary share of 7.270 cents, an increase of 10 percent.

The company also said it intends to execute a further $1.5 billion share buyback prior to reporting third quarter results.

The company's second-quarter replacement cost or RC profit declined to $2.34 billion from last year's $7.65 billion.

Underlying RC profit was $2.59 billion, compared to $8.45 billion a year ago.

Underlying RC profit per ordinary share fell to 14.77 US cents from 43.58 US cents last year. Underlying RC profit per ADS was $0.89, compared to prior year's $2.61.

On average, eight analysts polled by Thomson Reuters expected earnings of $1.21 per share for the quarter. Analysts' estimates typically exclude special items.

In the quarter, profit attributable to bp shareholders declined to $1.79 billion from last year's $9.26 billion. Earnings per ADS were $0.60, compared to prior year's $2.83.

Adjusted EBITDA was $9.77 billion, down from $16.36 billion a year ago.

Total revenues and other income also declined to $49.48 billion from last year's $69.51 billion. Sales and other operating revenues were $48.54 billion, compared to $67.87 billion last year.

The Street was looking for revenues of $54.48 billion for the quarter.

Looking ahead, bp expects third-quarter 2023 reported upstream production to be broadly flat sequentially.

For fiscal 2023, bp now expects both reported and underlying upstream production to be higher compared with 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.