BP Plc Turns To RC Profit In Q1, Revenues Up; To Start Buybacks In Q2

(RTTNews) - British oil major BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday that its first-quarter replacement cost or RC profit attributable to bp shareholders was $3.33 billion, compared to last year's loss of $628 million.

Profit for the period attributable to bp shareholders was $4.67 billion, compared to loss of $4.37 billion a year ago.

Underlying RC profit was $2.63 billion, compared to $791 million last year. Underlying RC profit per ordinary share was 12.95 cents, compared to 3.92 cents a year ago.

Underlying RC profit per ADS was $0.78, compared to $0.24 last year.

Total revenues and other income grew to $36.49 billion from prior year's $30.86 billion.

Further, the company said its net debt was reduced by $5.6 billion to reach $33.3 billion at the end of the quarter.

The company said it is starting buybacks in the second quarter with the intent to offset the full-year dilution from employee share schemes.

bp intends to distribute 60 percent of surplus cash flow for 2021 through share buybacks, with the remaining 40 percent being used to further strengthen our balance sheet.