BP beats by $0.11, misses on revs
- Reports Q4 (Dec) earnings of $1.07 per share, $0.11 better than the FactSet Consensus of $0.96; revenues fell 24.7% year/year to $52.14 bln vs the $53.14 bln FactSet Consensus.
- Operating cash flow in the quarter of $9.4 billion includes a working capital* release (after adjusting for inventory holding losses, fair value accounting effects and other adjusting items) of $2.1 billion (see page 28).
- Capital expenditure in the fourth quarter was $4.7 billion and total 2023 capital expenditure, including inorganic capital expenditure* was $16.3 billion.
- Growing shareholder distributions: Dividend per ordinary share 7.270 cents per share +10% versus 4Q22; 4Q23 $1.75bn share buyback announced; committed to announcing $3.5bn share buyback for the first half of 2024
BP to commence share buyback of up to $1.75 bln
- BP p.l.c. announces that it is to commence a share buyback program to repurchase ordinary shares in the capital of the Company.
- The purpose of the Program is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow generated in 2023 as announced by the Company on 6 February 2024.
- The maximum amount allocated to the Program is around $1.75 billion for a period up to and including 3 May 2024.
- The Program will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.
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