BP Turns To RC Profit In Q1; Plans $1.75 Bln Share Buyback

British energy major BP Plc (BP.L,BP_UN.TO,BP) reported Tuesday that its first-quarter replacement cost or RC profit was $8.67 billion, compared to loss of $23.05 billion a year ago.

Underlying RC profit was $4.96 billion, compared to last year’s $6.25 billion. Underlying RC profit per ordinary share was 27.74 cents, down from last year’s 32.00 cents.

Underlying RC profit per ADS was $1.66, compared to prior year’s $1.92.

For the quarter, profit attributable to bp shareholders was $8.22 billion, compared with a loss of $20.38 billion in the same period of 2022.

Earnings per share were 45.06 cents, compared to loss of 104.46 cents in the prior year. Earnings per ADS were $2.70, compared to loss of $6.27 last year.

The latest results included a net favourable pre-tax impact of $3.9 billion, compared with an adverse pre-tax impact of $30.8 billion in the same period of 2022, mainly related to bp’s decision to exit its 19.75 percent shareholding in Rosneft.

Total revenues and other income grew to $56.95 billion from prior year’s $51.22 billion. Sales and other operating revenues were $56.18 billion, up from $49.26 billion last year.

Looking ahead, bp expects second-quarter 2023 reported upstream production to be lower compared to first quarter 2023.

Further, for fiscal 2023, bp continues to expect both reported and underlying upstream production to be broadly flat compared with 2022.

The company also announced a further $1.75 billion share buyback.

bp expects to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its $14-18 billion capital expenditure range, and have capacity for an annual increase in the dividend per ordinary share of around 4 percent.

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