BP Profit Falls on Weaker Oil, Gas Trading; Misses Expectations
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Dow Jones
By Christian Moess Laursen
BP's first-quarter profit was hit by lower oil and gas trading, missing market forecasts, but the British energy company confirmed a $1.75 billion share buyback.
The London-based oil-and-gas giant said Tuesday that underlying replacement-cost profit--a metric similar to net income its U.S. peers report--was $2.72 billion, a marked decline from $4.96 billion in the same quarter last year. This missed a forecast of $2.87 billion, according to a company-compiled estimate from 24 analysts.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
May 07, 2024 02:20 ET (06:20 GMT)
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