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bp: Q1 2024 profit below expectations

( - The Group has announced Q1 2024 underlying earnings of $2.
72bn, compared with $2.99bn in Q4 last year.

The group generated adjusted net income of $2.72bn, 5% below Oddo BHF's estimate ($2.9bn) and the consensus ($2.87bn) and down 9% sequentially.

Compared with Q4 2023, the result reflects lower oil and gas realizations, the impact of the Whiting refinery shutdown and the significantly lower margin in the fuels business.

The Gas & Low-Carbon Energy business reported EBIT of $1bn, compared with $2.2bn in the previous quarter. Underlying EBIT for Q1 was $1.7bn, compared with $1.8bn in Q4 2023.

This was 6.7% lower sequentially and 3.6% above expectations (Oddo BHF & consensus: $2.87bn).

Oil production and operations posted EBIT of $3.1bn, compared with $1.9bn the previous quarter. Underlying earnings were $3.1bn, compared with $3.5bn in Q4 2023.

Adjusted EBIT was 3.8% below consensus and down 12% quarter-on-quarter, with lower realizations but higher production.

BP aims to achieve at least $2bn in cash cost savings by end-2026 compared with 2023 through portfolio improvement, digital transformation, supply chain efficiency and global capacity hubs. This reduction is expected to result from cost-cutting measures across bp's businesses.

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