bp: share dips in wake of quarterly results
(CercleFinance.com) - The bp share is down 1% in London, in the wake of Q3 results marked by an adjusted attributable net profit that is down 31.
2% y-o-y to $2.27bn, albeit over 10% ahead of expectations, Oddo BHF says.
Adjusted EBIT, which fell 14.1% to $5.23bn, also exceeded the broker's expectations, with better-than-expected contributions from 'gas & low carbon' and 'oil production & operations' more than offsetting a marked disappointment in 'customers & products'.
The group reassured investors by maintaining its share buyback program at $1.75bn per quarter, despite low oil prices, Oddo BHF adds, adding that robust cash generation also supports a dividend increase.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
2% y-o-y to $2.27bn, albeit over 10% ahead of expectations, Oddo BHF says.
Adjusted EBIT, which fell 14.1% to $5.23bn, also exceeded the broker's expectations, with better-than-expected contributions from 'gas & low carbon' and 'oil production & operations' more than offsetting a marked disappointment in 'customers & products'.
The group reassured investors by maintaining its share buyback program at $1.75bn per quarter, despite low oil prices, Oddo BHF adds, adding that robust cash generation also supports a dividend increase.
Copyright (c) 2024 CercleFinance.com. All rights reserved.