BP Earnings: Repurchase Rate Reduced as Earnings and Cash Flow Decline

BP's first-quarter earnings fell from the year before although this exceeded market expectations; a stronger refining performance was unable to offset the impact of lower oil and gas prices. Underlying replacement cost profit fell to $5.0 billion from $6.2 billion a year ago while operating cash flow fell to $7.6 billion from $8.2 billion a year before. BP’s trading contribution was a mixed bag as well, as gas and marketing delivered an “exceptional” result while oil trading delivered a “very strong” result, but that was weaker than the “exceptional” result a year before. Production increased 3.4% to 2,330 mboe/d from the year before, but management expects full-year 2023 volumes to be broadly flat with 2022.