BP misses by $0.26; misses on revs; raises dividend; increases share repurchase program
5:04 AM ET, 08/01/2023 - Briefing.com
Reports Q2 (Jun) earnings of $0.89 per share vs $1.15 FactSet consensus; revs of $48.54 bln vs $52.83 bln consensus.Underlying RC profit $2.6 blnOperating cash flow $6.3 bln10% increase in resilient dividend to 7.270 cents per ordinary share; further $1.5 bln share buyback announcedOutlook3Q23 guidance Looking ahead, bp expects third-quarter 2023 reported upstream production to be broadly flat compared to second quarter 2023. Within this, bp expects production from oil production & operations to be lower and gas & low carbon energy to be higher, including the effects of seasonal maintenance in higher margin regions offset by major project* delivery. In its customers business, bp expects seasonally higher volumes. In refining, bp expects a lower level of turnaround and maintenance activity compared to the second quarter 2023 guidancebp now expects both reported and underlying upstream production to be higher compared with 2022. Within this, bp expects underlying production* from oil production & operations to be higher and production from gas & low carbon energy to be slightly lower. bp now expects four major project start-ups during 2023, with Greater Tortue Ahmeyim (GTA) Phase 1 now expected to start-up during the first quarter of 2024. bp continues to expect the other businesses & corporate underlying annual charge to be in a range of $1.1-1.3 billion for 2023. The charge may vary from quarter to quarter.
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