The Group has announced underlying earnings of $2.72 billion for Q1 2024, compared with $2.99 billion for the previous quarter.

The group generated adjusted net income of $2.72 billion, 5% below Oddo BHF ($2.90 billion) and consensus estimates ($2.87 billion) and down 9% on the previous quarter.

Compared with the fourth quarter of 2023, the result reflects lower oil and gas realizations, the impact of the Whiting refinery shutdown and the significantly lower margin in the fuels business.

Reported earnings for the quarter were $2.3 billion, compared with $0.4 billion for the fourth quarter of 2023.

The Gas & Low-Carbon Energy business reported earnings before interest and taxes of $1.0 billion, compared with $2.2 billion in the previous quarter. Underlying earnings before interest and taxes for the first quarter were $1.7 billion, compared with $1.8 billion in the fourth quarter of 2023.

This was 6.7% lower quarter-on-quarter and 3.6% above expectations (Oddo BHF & consensus: $2.87 billion).

Oil production and operations posted earnings before interest and taxes of $3.1 billion, compared with $1.9 billion in the previous quarter. Underlying earnings were $3.1 billion, compared with $3.5 billion in the fourth quarter of 2023.

Adjusted EBIT was 3.8% below consensus and down 12% quarter-on-quarter, with lower realizations but higher production.

BP aims to achieve at least $2 billion in cash cost savings by the end of 2026 compared with 2023 through portfolio improvement, digital transformation, supply chain efficiency and global capacity hubs. This reduction is expected to result from cost-cutting measures across bp's businesses.

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