BP First quarter 2023 results

Profit attributable to bp shareholders in the first quarter was $8.2 billion, compared with a loss of $20.4 billion in the same period of 2022.
Underlying RC profit $5.0bn; Net debt reduced to $21.2bn
Further $1.75bn share buyback announced
Delivering resilient hydrocarbons – advancing two major projects; intention to form JV with ADNOC Continued progress in transformation to an IEC – agreement to acquire TravelCenters of America; advancing EV charging strategy Net debt reduced to $21.2 billion; further $1.75 billion share buyback announced
• Operating cash flow* in the quarter was $7.6 billion including a working capital* build (after adjusting for inventory holding losses, fair value accounting effects and other adjusting items) of $1.4 billion (see page 27).
• Capital expenditure* in the first quarter was $3.6 billion. bp continues to expect capital expenditure, including inorganic capital expenditure, of $16-18 billion in 2023. • During the first quarter, bp completed $2.2 billion of share buybacks from surplus cash flow. The $2.75 billion share buyback programme announced with the fourth quarter results was completed on 28 April 2023.
• During the first quarter, bp also completed share buybacks of $225 million as part of the $675 million programme announced on 7 February 2023 to offset the expected full-year dilution from the vesting of awards under employee share schemes in 2023.
• In the first quarter, bp generated surplus cash flow of $2.3 billion and intends to execute a $1.75 billion share buyback from surplus cash flow prior to announcing its second quarter 2023 results.
• bp remains committed to using 60% of 2023 surplus cash flow for share buybacks, subject to maintaining a strong investment grade credit rating.
• Based on bp’s current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, bp expects to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its $14-18 billion capital expenditure range, and have capacity for an annual increase in the dividend per ordinary share of around 4%.

• Net debt fell to $21.2 billion at the end of the first quarter.

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