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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBP Beats On Earnings, Announces Buybacks, Guides For Stable CapEx
- Q4 adj-EBIT for Q4 fell 34% YoY to USD 6.13bn though still beat consensus USD 5.87bn with a beat in oil production/operations offsetting misses in gas & carbon, customers & products and other businesses & corporates.
- BP announced a USD 3.5bn share buyback for H124 and plans share buybacks of at least USD 14bn through 2025.
- Net Debt fell to USD 20.9bn from USD 21.4bn at FY22 despite a 31% YoY decrease in OCF (though OCF still of USD 9.4 still beat consensus of USD 8.4bn).
- In Q124, BP expects higher upstream production, lower customer business volumes without Q4's one-offs, sensitive fuels margins, reduced refinery activity, and lower refining margins due to narrow North American crude differentials in Q1 2024.
- For FY24, BP sees slightly higher upstream production in 2024, with a capital expenditure of around USD 16bn focused in H1 (in line with FY23 and the MT target of USD 14-18bn), divestment proceeds of USD 2-3bn towards H2, and Gulf of Mexico spill payments of USD 1.2bn, including USD 1.1bn in Q2.
- Most bonds yet to stream, those that have are broadly flat to midswaps while their 5y CDS has opened +0.3bps at 57.4bps.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.