Announces 1.75 bln usd share buyback for Q1 (Il Sole 24 Ore Radiocor) - London, 07 May - UK energy group BP said that in the first quarter underlying replacement cost profit was 2.7 billion dollars compared with 3.0 billion in the fourth quarter and 5.0 billion a year ago reflecting lower realizations, lower industry refining margins, a strong gas marketing and trading result compared with an exceptional result in the first quarter in 2023 and the impacts of the Whiting refinery outage.

Net profit fell to 2.3 billion dollars from 0.4 billion in the fourth quarter and 8.2 billion a year ago.

Adjusting items in the first quarter had a net adverse pre-tax impact of 1.2 billion, compared with a net favourable pre-tax impact of 3.9 billion in the same period of 2023.

They include an adverse impact of pre-tax fair value accounting effects, relative to management's internal measure of performance, of 0.2 billion, compared with a favourable pre-tax impact of 4.3 billion in the same period of 2023 primarily due to a small decline in the forward price of LNG over the quarter compared to a large decline in this price during the first quarter of 2023.

bp announced a 1.75 billion dollar share buyback as part of its 3.5 billion commitment for the first half of 2024. It also announced a dividend per ordinary share of 7.270 cents.

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(RADIOCOR) 07-05-24 08:29:23 (0201) 5 NNNN