BP Beats Profit Expectations But Cuts Back on Stock Buybacks
British oil major BP beat expectations in the first quarter on strong results from trading oil and gas, and said it will buy back a further $1.75 billion in shares.
BP’s first-quarter underlying replacement-cost profit—a metric similar to net income that U.S. oil companies report—of $4.96 billion exceeded the $4.27 billion average forecast by 25 analysts in a survey compiled by the company. It compared with $6.25 billion a year prior.
British oil major BP beat expectations in the first quarter on strong results from trading oil and gas, and said it will buy back a further $1.75 billion in shares.
BP’s first-quarter underlying replacement-cost profit—a metric similar to net income that U.S. oil companies report—of $4.96 billion exceeded the $4.27 billion average forecast by 25 analysts in a survey compiled by the company. It compared with $6.25 billion a year prior.
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