HJEN - Why BP Shares Are Trading Lower Premarket Today | Benzinga
BP PLC (NYSE:BP) shares are trading lower after the company reported first-quarter FY24 results.
Sales and other operating revenues came in at $48.88 billion, missing the consensus of $55.08 billion.
Hydrocarbons production was 914 mboe/d (-5.7% Y/Y), with underlying production down 3.5% Y/Y mainly due to base decline partially offset by major projects, which started in 2023.
The Renewables pipeline stood at 58.5GW (bp net), including a 20.4GW bp net share of Lightsource BP’s pipeline in the quarter.
Adjusted EBITDA declined to $10.3 billion from $13.1 billion a year ago. Underlying RC profit per American Depositary Share (ADS) came in at $0.97, missing the consensus of $0.98.
Operating cash flow was $5.01 billion, compared to $7.62 billion in the prior-year quarter. Capital expenditure was $4.28 billion versus $3.63 billion a year ago.
Net debt rose to $24.02 billion from $21.23 billion a year ago.
Chief executive officer Murray Auchincloss said, “We’ve delivered another resilient quarter ...