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Biraj Borkhataria - 2 Bernard Looney - 2 Ron Bousso - 2 Jason Neely - 2 Norway's - 1 Murray Auchincloss - 1 Louise Heavens - 1 Looney - 1
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☆ BP's $3.3 bln profit misses forecast on weak gas
  + stars: | 2023-10-31 | by ( Ron Bousso Shadia Nasralla | Ron Bousso | Shadia Nasralla | ) www.reuters.com   time to read: +3 min
"BP reported weak numbers this morning...However, notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter," said RBC analyst Biraj Borkhataria. In the downstream, customers & products reported $2.1 bln vs consensus $2.4 bln, despite being supported by very strong oil trading results, suggesting weaker refining margin capture in the third quarter." That was up from the $2.6 billion profit the company reported in the prior three months due to higher oil and gas production, strong refining margins, lower refinery maintenance and "a very strong oil trading result", but natural gas marketing and trading were weak. BP expects capital expenditure of $16 billion this year, the lower end of its indicated range of $16-$18 billion. Rivals Chevron (CVX.N) and Exxon Mobil (XOM.N) last week posted sharp year-on-year drops in third quarter profit as energy prices cooled.
Persons: Norway's, Biraj Borkhataria, Murray Auchincloss, Bernard Looney, Ron Bousso, Louise Heavens, Jason Neely Organizations: windfarm, BP, Reuters Graphics Reuters, Rivals Chevron, Exxon Mobil, Thomson, & $ Locations: U.S, British, New York
☆ BP boosts dividend even as profit slumps 70% to $2.6 billion
  + stars: | 2023-08-01 | by ( Ron Bousso Shadia Nasralla | Ron Bousso | Shadia Nasralla | ) www.reuters.com   time to read: +4 min
SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.
Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany
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