BP Reports Q2 Results Below Expectation, Raises Dividend
Portfolio Pulse from Akanksha Bakshi
BP plc (NYSE:BP) reported Q2 FY23 sales and revenues of $48.54 billion, a 28.5% decline YoY, missing the consensus of $54.48 billion. Production was down 2.2% YoY. The company's underlying RC profit per ADS was $0.89, missing the consensus of $1.21. However, BP raised its dividend by 10% and completed $2.1 billion of share buybacks. The company expects both reported and underlying upstream production to be higher compared with 2022.

August 04, 2023 | 8:07 am
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NEUTRAL IMPACT
BP reported lower than expected Q2 FY23 sales and revenues, and a decline in production. However, the company raised its dividend and completed significant share buybacks, indicating confidence in its performance and cash flow outlook.
BP's lower than expected Q2 results and decline in production could negatively impact its stock price. However, the increase in dividend and share buybacks indicate the company's confidence in its performance and cash flow outlook, which could have a positive impact on the stock price. Therefore, the overall short-term impact on the stock price is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100