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 as it confirmed it had reached its target of reducing net debt to below $35 billion earlier than expected. “With the acceleration of divestment proceeds, together with strong business performance and the recovery in the price environment, we generated strong cash flow and delivered on our net debt target around a year early,” Chief Executive Bernard Looney said. In response to the pandemic, which sparked an oil price rout on fears over the global economy, BP last year cut its dividend for the first time since the Deepwater Horizon oil spill in the Gulf of Mexico more than a decade ago But oil prices have been recovering sharply as the world’s biggest economies bounce back from the pandemic.

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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 …

Focus on your savers instead of net zero, critics tell BP pension funds
1 year, 7 months ago

Focus on your savers instead of net zero, critics tell BP pension funds

The Telegraph  

Pension funds have been accused of abandoning their financial duty to savers amid a growing rebellion over BP’s plans to keep pumping fossil fuels. They don’t seem to be concerned about profits.” The pension funds argue that BP should have sought their views after watering down its long-term plans to shift towards cleaner energy, with less stringent targets to cut …

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” …

BP warns of $17.5 billion hit as pandemic knocks oil demand
4 years, 6 months ago

BP warns of $17.5 billion hit as pandemic knocks oil demand

CNN  

London CNN Business — BP is writing down the value of its assets by as much as $17.5 billion as a shift away from fossil fuels is accelerated by the coronavirus pandemic. The UK oil company said in a statement Monday that the health crisis could have an “enduring impact on the global economy,” resulting in less demand for energy …

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