BP posts quarterly profit of $5bn and unveils share repurchase
1 year, 7 months ago

BP posts quarterly profit of $5bn and unveils share repurchase

Daily Mail  

BP made a near-$5billion profit in the first quarter, rising from the previous quarter on the back of strong oil and gas trading. First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96billion in the three months to 31 March, up from $4.8billion in the fourth quarter of last year and beating expectations of $4.3billion. Oil giant profit: BP made a $5bn profit in the first quarter, rising from the previous three months The oil giant's dividend remained unchanged at 6.61 cents per share, after a 10 per cent rise in February. BP said it was a resilient result for the quarter, reflecting an 'exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result'.

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BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022
10 months, 2 weeks ago

BP earns USD 3 billion at the end of last year but saw its annual profit fall by half from 2022

Hindustan Times  

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down from USD 3.3 billion in the previous quarter. HT Image It brought in USD 13.8 billion for all of last year, a huge drop from the USD 27.7 billion it earned in 2022, when Russia's war in Ukraine sent …

Exxon overcomes hefty charge and falling crude prices in fourth quarter to top profit expectations
10 months, 3 weeks ago

Exxon overcomes hefty charge and falling crude prices in fourth quarter to top profit expectations

Associated Press  

Exxon Mobil’s fourth-quarter revenue and profits declined along with the price of oil, and the energy giant was weighed down by a hefty impairment charge tied to regulatory issues in California. The current quarter included a $2.3 billion impairment charge of which $2 billion related to regulatory obstacles in California that have prevented production and distribution assets from coming back …

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing
1 year, 1 month ago

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing

Associated Press  

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Analysts polled by Zacks Investment Research predicted higher earnings of $2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales …

BP takes $25.5 billion hit from Russia exit
2 years, 7 months ago

BP takes $25.5 billion hit from Russia exit

Live Mint  

BP PLC took a $25.5 billion pretax accounting charge related to its decision to exit its Russia holdings, including its stake in government-controlled oil producer Rosneft, by far the biggest financial hit tallied by companies pulling back from the country after its invasion of Ukraine. The London-based company said Tuesday that the charge dragged it into a $20.4 billion headline …

BP profit more than doubles on ‘exceptional’ oil trading
2 years, 7 months ago

BP profit more than doubles on ‘exceptional’ oil trading

CNN  

London CNN Business — BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted by “exceptional oil and gas trading” …

Exxon profits surge despite $3.4B hit from Russian exit
2 years, 7 months ago

Exxon profits surge despite $3.4B hit from Russian exit

Associated Press  

NEW YORK — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices. The company announced Friday …

Exxon posts $2.7B quarterly profit after unprecedented year
3 years, 7 months ago

Exxon posts $2.7B quarterly profit after unprecedented year

Associated Press  

NEW YORK — Exxon Mobil on Friday reported first-quarter profits of $2.73 billion after a tumultuous year led to major spending reductions. “We knew economies would recover, populations and living standards would continue to grow, ultimately driving demand for our products and an industry recovery.” The Irving, Texas, company produced 3.8 million barrels of oil per day in the first …

BP to launch share buyback program after big profit spike
3 years, 7 months ago

BP to launch share buyback program after big profit spike

Associated Press  

LONDON — BP said Tuesday that it would be returning around a half-billion dollars to shareholders after “significantly” higher oil prices contributed to a big rise in profits and a reduction in debt levels. BP, which is seeking to transform its business to a lower-carbon future, said it will launch a $500 million share buyback program in the second quarter …

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
3 years, 10 months ago

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses

Associated Press  

DALLAS — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. “Energy consumption collapsed as economies shut down, oil prices hit their lowest point in history, and refining margins fell well below their 10-year lows,” said Exxon CEO Darren Woods. The company said Tuesday it will reduce …

Reliance's revenue sinks on oil hit, profit up on BP deal gain
4 years, 4 months ago

Reliance's revenue sinks on oil hit, profit up on BP deal gain

India Today  

Reliance Industries Ltd’s June-quarter profit rose as the Indian conglomerate booked a one-time gain from a BP investment, although revenue tumbled as the coronavirus crisis slammed its refining and petrochemicals businesses. Reliance, India’s biggest company by market value, said consolidated profit climbed 31 per cent to 132.33 billion rupees in the three months to June 30. Earnings were boosted by …

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