BP Q2 Slips To Q2 RC Loss, Underlying RC Profit Beats View, Revenues Miss; Plans Buybacks

(RTTNews) - British energy major BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday a replacement cost or RC loss in its second quarter, compared to prior year's profit.

The second-quarter RC loss was $16 million, compared to profit of $2.34 billion last year.

Loss for the period attributable to bp shareholders was $129 million, compared to profit of $1.79 billion last year. Loss per ADS was $0.05, compared to profit of $0.60 per ADS a year earlier.

Underlying RC profit was $2.76 billion, compared to $2.59 billion last year. Underlying RC profit per ordinary share was 16.61 US cents, compared to 14.77 US cents a year ago.

Underlying RC profit per ADS was $1.00, compared to $0.89 last year.

Analysts on average expected the company to report earnings of $0.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues and other income dropped to $48.25 billion from last year's $49.48 billion. Sales and other operating revenues were $47.30 billion, down from $48.54 billion a year ago.

The Street was looking for revenues of $52.92 billion for the quarter.

Total hydrocarbons production dropped to 899 mboe/d from 903 mboe/d last year.

Further, bp said it intends to execute a $1.75 billion share buyback prior to reporting the third quarter results. Furthermore, bp is committed to announcing $3.5 billion for the second half of 2024.

Looking ahead, bp expects third-quarter reported upstream production to be lower compared with second-quarter 2024, including in higher margin regions.

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

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