BP blew expectations out of the water

April 27, 2021
BP blew expectations out of the water

British Petroleum posted its first-quarter figures that came ahead of expectations

One of the largest petroleum companies in the world, British Petroleum reported first quarter 2021 figures that came beyond the consensus.

The company’s net profit came in at $2.6 billion, significantly higher than the $791 million reported in Q1 2020. Analysts were looking for a profit of $1.4 billion. According to BP officials, the results were driven by “exceptional” and “significant” gas marketing and trading performance, as well as higher oil prices and more substantial refining margins.

The London-based company announced that its net debt fell to $33.3 billion, meaning that it could reduce its debt to $35 billion, hitting its target.

For the future, British Petroleum plans to resume its share buyback program of around $500 million.

After the news hit the wires, BP stock price traded more than 2% higher during the London trading hours. Since the beginning of the year, it gained over 16%.

Source: barrons.com

This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.

You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.

This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.

Recently Added

Most Affected Instruments

britishpetroleum chart
oil chart