BP misses expectations as profits slip on weaker oil and gas prices
Publishing timestamp: 2024-05-07 12:32:46
Summary
BP reported lower first-quarter profit of $2.7 billion, attributing fall to reflect lower oil and gas prices and "significantly weaker" fuels margin. Despite the decline, BP recommitted to share buybacks of $3.5 billion for the first half of 2024. The energy industry as a whole has seen a decline in profits, with many companies impacted by lower gas market prices. BP's results were below analyst expectations, but the company remains focused on delivering cash cost savings and maintaining shareholder returns.
Sentiment: NEUTRAL
Tickers: BP, SHELL-NL, SHEL-GB, BP.-GB,
Keywords: energy, markets, business news, breaking news: europe, earnings, oil and gas, shell plc, bp plc,
Source: https://www.cnbc.com/2024/05/07/bp-first-quarter-earnings-2024.html