FANG - BP Q1 results - beats across the board accelerates buyback flags lower production

BP (NYSE:BP) reported earnings ahead of the market open in London Tuesday, handily beating Street earnings expectations, generating very strong free cash flow, accelerating share buybacks, and flagging lowered Q2 upstream volumes:  Earnings - the Company generated 32c in adjusted earnings per share during the quarter, versus Street estimates of 22c, partially driven by "exceptional oil and gas trading." Cash flow - cash flow from operations, adjusted for net working capital, less cash capital expenditures came in at ~$7.0b or ~7% of the Company's current market cap. Capital allocation - BP (BP) repurchased ~$1.6b worth of shares, reducing average shares outstanding by ~2%, while keeping the dividend flat (~4.5% yield), and announcing plans to complete $2.5b of share repurchase in Q2; net debt fell by ~$3.1b. Guide - during Q2 BP (BP) expects upstream production to be lower than Q1, excluding Rosneft (OTCPK:RNFTF) impacts, as maintenance and underlying production declines

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BP Q1 results - beats across the board, accelerates buyback, flags lower production