BP Shares Move Higher On Bumper Q1 Profits Of $6.2B, Announces $2.5B Share Buyback

BP plc’s BP profits more than doubled to $6.2 billion in Q1, helped by soaring oil and gas prices, despite posting a massive loss after offloading its nearly 20% stake in a Russian-controlled oil company Rosneft RNFTF.
The company reported Q1 adjusted EPS of $1.92, more than double from $0.78 posted a year ago and beating the consensus of $1.33.
However, BP reported a headline loss of $20.4 billion, including non-cash pre-tax charges of $24 billion and $1.5 billion relating to the exit of its Rosneft stake in response to Moscow’s invasion of Ukraine.
During Q1, BP generated a surplus cash flow of $4.1 billion, and it intends to execute a $2.5 billion share buyback before announcing its second-quarter results.
BP reported sales of $51.22 billion, +41% Y/Y, missing the consensus of $57.71 billion.
Production: Reported production of 966 mboe/day, up 6.2% Y/Y. Underlying production was also higher, by 10.9%.
Realized prices jumped almost 90% at $50.91/boe.
Guidance: BP expects Q2 FY22 underlying upstream production to be lower than Q1 FY22, primarily in gas & low carbon energy, reflecting base decline and seasonal maintenance.
On a reported basis, Q2 production will reflect additional impacts from the absence of production from Russia incorporated joint ventures.
Price Action: BP shares are up 6.16% at $30.64 during the market session on the last check Tuesday.

Earnings Calendar