BP Q4 RC Profit Declines, Underlying RC Profit Tops Estimates; Plans Share Buybacks

(RTTNews) – British energy major BP Plc (BP.L, BP_UN.TO, BP) said Tuesday that its fourth-quarter replacement cost or RC profit plunged to $1.53 billion from $11,000,000. $87 billion last year.

RC's underlying profit was $2.99 ​​billion, up from $4.81 billion a year ago. RC's underlying earnings per common share were 17.77 cents, compared to 26.44 cents a year earlier. RC's underlying earnings per ADS was $1.07, up from $1.59 the prior year.

Analysts on average expected earnings per share of $1.05, according to figures compiled by Thomson Reuters. Analyst estimates generally exclude special items. Profit for the period attributable to BP shareholders fell to $371 million from $10.80 billion last year.

Total revenue and other income decreased to $52.59 billion from $70.36 billion last year. Sales and other operating income totaled $52.14 billion, up from $69.26 billion a year ago.

The Street expected revenue of $53.5 billion for the quarter.

Looking ahead, BP expects reported upstream production in Q1 2024 to be sequentially higher.

For fiscal 2024, bp expects reported and underlying upstream production to be slightly higher than 2023.

Additionally, BP announced plans to complete a $1.75 billion share buyback before reporting its first quarter results. In addition, BP announced $3.5 billion for the first half of 2024.

bp plans share buybacks of at least $14 billion by 2025 as part of its commitment, on a one-time basis, to return at least 80% of excess cash flow to shareholders.

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