BP Plc Turns To RC Profit In Q2, Beats Market; Plans $750 Mln Share Buyback

(RTTNews) - British Oil and gas major bp plc (BP.L, BP_UN.TO, BP) reported Tuesday a replacement cost or RC profit in its second quarter, compared to prior year's loss, despite lower sales. Underlying RC profit and top line beat market estimates.

Further, bp announced an interim dividend of 8.320 cents per ordinary share, an increase of 4%, which is expected to be paid on September 19 to ordinary shareholders and ADS holders on the register on August 15.

The company also announced a further $750 million share buyback for the second quarter.

Looking ahead, for the third quarter, bp expects reported upstream production to be slightly lower sequentially.

For fiscal 2025, bp continues to expect reported upstream production to be lower and underlying upstream production to be slightly lower compared with 2024.

In the second quarter, RC profit was $2.04 billion, compared to last year's loss of $16 million.

Underlying RC profit was $2.35 billion, compared to $2.76 billion a year ago. Underlying RC profit per ordinary share was 15.03 cents, compared to 16.61 cents a year ago. Underlying RC profit per ADS was $0.90, compared to last year's $1.00.

The Wall Street analysts on average expected the company to report earnings of $0.66 per share. Analysts' estimates typically exclude special items.

In the quarter, net profit attributable to bp shareholders was $1.63 billion, compared to loss of $129 million last year. Earnings per share were 10.27 cents, compared to loss of 0.78 cents a year ago. Earnings per ADS were $0.62, compared to loss of $0.05 last year.

Adjusted EBITDA grew to $9.97 billion from prior year's $9.64 billion.

Total revenues and other income, meanwhile, dropped to $47.68 billion from prior year's $48.25 billion. Sales and other operating revenues were $46.63 billion, compared to $47.30 billion last year.

The Street expected sales of $40.43 billion for the quarter.

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