From Investing.com: 2024-05-07 04:26:29

London-listed shares in BP were volatile after the company reported lower than expected underlying profit in the first quarter. Underlying replacement cost profit fell to $2.72 billion from $4.96 billion last year, while replacement cost prior to interest and tax dropped to $4.82 billion from $13.23 billion. The company cited weaker fuel margins and refinery outage for the decline.

CEO Murray Auchincloss aims for $2 billion in cash cost savings by 2026 through supply chain efficiencies and digital transformation. BP is committed to a $1.75 billion share buyback for the quarter, emphasizing competitive distributions to stakeholders. A dividend payout of 7.27 cents was announced, as Auchincloss leads the company following former CEO Bernard Looney’s departure.



Read more at Investing.com: BP posts first-quarter profit miss, citing fall in oil and gas prices By Investing.com