International Courant
A basic view of the BP brand and petrol station signal on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Pictures Information | Getty Pictures
British oil big BP on Tuesday reported higher-than-expected second-quarter web revenue and raised its dividend regardless of earlier warnings of sharply decrease refining margins.
The oil and gasoline big posted an underlying alternative value revenue, used as a proxy for web revenue, of $2.8 billion for the second quarter, beating analysts’ expectations of $2.6 billion, in response to a consensus compiled by LSEG.
BP reported web revenue of $2.7 billion for the primary three months of the 12 months and $2.6 billion for the second quarter of 2023.
The vitality firm mentioned it raised its dividend by 10% and prolonged its share buyback program via the fourth quarter.
BP mentioned Earlier within the month, weak refining margins and decrease oil buying and selling outcomes have been prone to hit the corporate’s second-quarter outcomes by as a lot as $700 million. The corporate additionally forecast a $1 billion to $2 billion writedown because it plans to cut back refining operations at its Gelsenkirchen plant in Germany.
Shares within the London-listed firm have fallen about 2.8% this 12 months.
For comparability: the shares of the British rival Shell have risen practically 8% to date this 12 months, whereas shares of US oil big Exxon Mobil have risen greater than 16%.
BP’s second-quarter outcomes come as the corporate seeks to revive investor confidence in its technique. The corporate is below strain from activist investor Bluebell Capital Companions to extend its oil and gasoline investments and cut back its inexperienced pledges.
Reuters reported In late June, BP CEO Murray Auchincloss had imposed a hiring freeze and paused renewable vitality tasks as a part of a cost-cutting plan to spice up revenues. BP mentioned on the time that Auchincloss had launched six priorities “to ship as a less complicated, extra targeted and extra priceless firm.”
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BP beats revenue expectations after warning of weaker oil refining
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