London, Aug. 1, (dpa/GNA) – British energy major BP Plc fell short of market estimates in its second quarter results released on Tuesday, with both profit and revenues weak.
For the second quarter, BP has announced a dividend per ordinary share of 7.270 cents, an increase of 10%.
The company also said it intends to execute a further $1.5 billion share buyback prior to reporting third quarter results.
The company’s second-quarter replacement cost, or RC, profit declined to $2.34 billion from last year’s $7.65 billion.
Underlying RC profit was $2.59 billion, compared to $8.45 billion a year ago.
Underlying RC profit per ordinary share fell to 14.77 US cents from 43.58 US cents last year.
Underlying RC profit per American depositary share (ADS) was $0.89, compared to prior year’s $2.61.
On average, eight analysts polled by Thomson Reuters expected earnings of $1.21 per share for the quarter.
Analysts’ estimates typically exclude special items. In the quarter, profit attributable to BP shareholders declined to $1.79 billion from last year’s $9.26 billion. Earnings per ADS were $0.60, compared to prior year’s $2.83.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $9.77 billion, down from $16.36 billion a year ago.
Total revenues and other income also declined to $49.48 billion from last year’s $69.51 billion.
Sales and other operating revenues were $48.54 billion, compared to $67.87 billion last year.
The Street was looking for revenues of $54.48 billion for the quarter
Looking ahead, BP expects third-quarter 2023 reported upstream production to be broadly flat sequentially.
For fiscal 2023, BP now expects both reported and underlying upstream production to be higher compared with 2022.
GNA