IBDRY - Why Oil Major BP Shares Are Surging Today | Benzinga
BP PLC (NYSE:BP) shares are trading higher after the company reported fourth-quarter FY23 results.
Sales and other operating revenues came in at $52.14 billion, missing the consensus of $62.34 billion.
Production was 899 mboe/d (-6.0% Y/Y), with underlying production down 3.8% Y/Y due to lower base performance, particularly in Egypt.
The Renewables pipeline stood at 58.3GW (bp net), including 19.3GW bp net share of Lightsource BP’s pipeline in the quarter.
Adjusted EBITDA declined to $10.57 billion from $13.10 billion a year ago. Underlying RC profit per American Depositary Share (ADS) came in at $1.07, beating the consensus of $0.15.
Operating cash flow was $9.38 billion, compared to $13.57 billion in the prior-year quarter. Capital expenditure declined to $4.71 billion from $7.37 billion a year ago. Net debt lowered to $20.91 billion from $21.42 billion a year ago.