Why BP Shares Are Rising Today

BP P.L.C. BP shares are trading higher Tuesday morning after the company reported better-than-expected earnings results.

BP reported first-quarter revenue of $49.26 billion, which came in below the $57.71 billion estimate. The company reported quarterly earnings of $1.92 per share, which beat the estimate of $1.33 per share. 

BP said it reduced its net debt to $27.5 billion. The company also announced an additional $2.5 billion buyback and a dividend of 5.46 cents per share for the first quarter, payable in June.

BP is an integrated oil and gas company that explores for, produces and refines oil around the world.

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BP 52-Week Range: $22.64 - $34.16

According to data from Benzinga Pro, the stock was up 5.09% at $30.33 at press time.

Photo: courtesy of BP.