BP Maintains Share Buybacks Even as Profit Misses Estimates

Bloomberg05-07

BP Plc maintained the pace of its share buybacks even as first-quarter profit fell by more than expected amid lower natural gas prices.The result marks the end of a mixed set of Big Oil earnings which...

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All of the companies kept their focus on returning cash to shareholders, while questions about production growth were also rising in prominence as the two US majors tussle over discoveries in Guyana.BP will repurchase $3.5 billion of shares in the first half of the year, matching the pace of prior quarters. The company also pledged to further reduce costs after changing its organizational structure.“We are simplifying and reducing complexity across BP and plan to deliver at least $2 billion of cash cost savings by the end of 2026,” BP Chief Financial Officer Murray Auchincloss said in a statement on Tuesday.Adjusted net income for the first three months of the year was $2.72 billion, compared with $4.96 billion a year earlier and $2.99 billion in the prior quarter. That missed the average estimate of $2.91 billion.Profits from BP’s oil trading business boosted results, an improvement from the fourth quarter where the unit was described as having “weak” performance. 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