Company Participants Conference Call Participants Craig Marshall So with that let me hand over to Murray for some brief opening remarks. Great. Thanks, Craig, and thanks to everyone for joining today. I'm in the room and I'm joined by Kate Thomson, CFO; Carol Howle, EVP, Trading and Shipping; and Emma Delaney, EVP Customers and Products, which luckily for me will provide me with the opportunity to pass all difficult questions to them today. You'll have heard from our video some real examples of us in action ...

everyone and thank you for your interest in bp's second quarter 2024 results. Today's video presentation features Murray Auchincloss, chief executive officer and Kate Thomson, chief financial officer. Before we begin today, let me draw your attention to our cautionary statement. Hello 3 2Q 2024 financial results Strong cash generation, growing distributions $8.1bn operating cash flow* –I $9.6bn EBITDA* –I $2.8bn underlying earnings –I +3.4% upstream production1 –I 96.1% upstream plant reliability*2 –I 96.4% ...

Financial Performance - Total adjusted EBITDA for the second quarter of 2024 was $4,891 million, up from $4,389 million in the same period of 2023, reflecting a 11.4% increase[1] - Underlying RC profit before interest and tax for the second quarter of 2024 was $3,094 million, compared to $2,777 million in the same period of 2023, representing an increase of 11.4%[9] - The company reported a loss of $133 million in the second quarter of 2024 for the customers & products segment, compared to a profit of $555 million in the same period of 2023[21] - bp reported an underlying RC profit before interest and tax of $1,149 million for Q2 2024, compared to $796 million in Q2 2023, reflecting a 44.3% increase year-over-year[40] - BP reported a profit before taxation of $1,254 million for Q2 2024, down from $3,494 million in Q2 2023, representing a decrease of 64%[72] - In the second quarter of 2024, bp reported a loss attributable to shareholders of $129 million, compared to a profit of $2,263 million in the first quarter of 2024 and $1,792 million in the second quarter of 2023[118] - Profit for the second quarter of 2024 was $70 million, a significant decrease from $1,953 million in the second quarter of 2023[161] - Underlying RC profit before interest and tax for the first half of 2024 was $11,364 million, compared to $14,822 million in the first half of 2023, reflecting a decline of approximately 23%[161] Production and Sales - Reported production for the second quarter of 2024 was 1,481 mboe/d, an 8.2% increase compared to the second quarter of 2023[11] - The average realization for liquids in the second quarter of 2024 was $73.01 per barrel, compared to $69.19 per barrel in the same period of 2023, indicating a 4.1% increase[19] - The average realizations for bp's liquids in the second quarter of 2024 were $73.73 per barrel, up from $69.76 per barrel in the second quarter of 2023[134] - The average Brent oil price for the second quarter of 2024 was $84.97 per barrel, compared to $78.05 per barrel in the second quarter of 2023[163] - bp's production and similar taxes increased to $484 million in Q2 2024, up from $404 million in Q2 2023, reflecting a 19.8% increase[51] - Total hydrocarbons production cost in the US for the second quarter of 2024 was $44.26 per barrel of oil equivalent (boe), an increase from $40.84 per boe in the second quarter of 2023[163] Capital Expenditure - Capital expenditure for the second quarter of 2024 was $1,534 million, compared to $1,478 million in the same period of 2023, reflecting a 3.8% increase[19] - The company achieved a total capital expenditure of $1,045 million in Q2 2024, down from $1,858 million in Q2 2023, indicating a 43.7% decrease[43] - BP's total cash capital expenditure for Q2 2024 was $3,691 million, a decrease of 14% compared to $4,314 million in Q2 2023[73] - Organic capital expenditure for the second quarter of 2024 was $3,586 million, an increase from $3,233 million in the second quarter of 2023[123] - bp's capital expenditure in the US for the second quarter of 2024 was $1,636 million, down from $2,661 million in the second quarter of 2023[123] Investments and Projects - bp has made a final investment decision on the Kaskida project, expected to have a production capacity of 80,000 barrels of crude oil per day[14] - bp's investment in Hysata to expand high-efficiency electrolyser technology production amounted to $10 million, highlighting the company's commitment to renewable energy[45] - The Hyport green hydrogen project in Duqm, Oman, is expected to produce approximately 57,000 tonnes of green hydrogen annually, with bp acquiring a 49% stake[38] - bp announced a new joint venture with ADNOC in Egypt, with BP holding a 51% stake, expected to complete in the second half of 2024[78] - In June 2024, Castrol announced a $50 million investment in Gogoro Inc. to diversify beyond its core lubricants and fluids business[109] Financial Position - The total assets of bp as of June 30, 2024, were $273,384 million, down from $280,294 million at the end of 2023, indicating a 2.9% decrease[56] - The company reported total liabilities of $191,185 million as of June 30, 2024, a decrease from $194,801 million at the end of 2023, indicating a reduction of 1.3%[71] - BP's cash and cash equivalents at the end of Q2 2024 were $34,891 million, up from $33,030 million at the end of Q1 2024, marking an increase of 5.6%[74] - bp's net debt as of June 30, 2024, was $22,614 million, a decrease from $24,015 million at the end of Q1 2024[100] - The total equity of bp as of June 30, 2024, was $82,199 million, down from $84,940 million at the end of Q1 2024[100] Impairments and Charges - Net impairment charges for Q2 2024 were $1,309 million, compared to $1,269 million in Q2 2023, while total net charges for the first half of 2024 reached $2,046 million, up from $1,357 million in the same period last year[91] - The net impairment and losses on sale of businesses and fixed assets for gas & low carbon energy in the second quarter of 2024 were $(590) million, compared to $(1,058) million in the second quarter of 2023[124] Dividends and Share Repurchases - The company announced an interim dividend of 8.000 cents per ordinary share, expected to be paid on September 20, 2024[99] - Dividends paid per ordinary share in the second quarter of 2024 were 7.270 cents, compared to 6.610 cents in the second quarter of 2023[119] - bp repurchased 116 million ordinary shares for $1,751 million during Q2 2024, with an additional 125 million shares repurchased after the reporting period[116] Operational Insights - The company is focused on developing low carbon opportunities and transitioning to a lower carbon economy, which may increase costs and affect financial performance[165] - Financial performance is influenced by fluctuating prices of oil, gas, and refined products, as well as macroeconomic outlook[165] - The company faces risks from geopolitical developments, regulatory changes, and competition, which could disrupt operations and financial performance[165] - The company emphasizes the importance of attracting and retaining talent to ensure effective strategy delivery in a competitive market[165] Taxation and Adjustments - The net adverse impact of adjusting items before interest and tax for the first half of 2024 was $3,982 million, contrasting with a net favorable impact of $3,495 million in the first half of 2023[161] - bp's net adverse impact of adjusting items for H1 2024 was $168 million, compared to a favorable impact of $79 million in H1 2023[44] - The effective tax rate on replacement cost profit or loss is calculated to exclude the impact of price changes on inventory, aiding meaningful comparisons[172] Miscellaneous - The company reported a deferred tax asset of $1,180 million as of June 30, 2024, down from $1,320 million as of December 31, 2023[157] - The Gulf of Mexico oil spill payables and provisions as of June 30, 2024, were $7,785 million, a decrease from $8,735 million as of December 31, 2023[157] - The company reported a decrease in the carrying amount of assets classified as held for sale to $1,512 million as of June 30, 2024, from $1,408 million previously[89]

PM Images Why Dividend Increases Matter Actual Dividend Increases in July 2024 1. Stanley Black & Decker (SWK): 1.2% (BELOW Five-Year Average of 4.18%) 2. Cummins (CMI): 8.3% (ABOVE Five-Year Average of 8.08%) 3. J.M. Smucker (SJM): 1.9% (BELOW Five-Year Average of 4.51%) 4. Hershey's (HSY): No dividend increase as of 7/29/24 5. Cintas Corp. (CTAS): 15.6% (BELOW Five-Year Average of 21.37%) 6. Mondelez International (MDLZ): No dividend increase as of 7/29/24 7. Norfolk Southern Corp. (NSC): Did not announce ...

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bp Energy Outlook: 2024 edition bp Energy Outlook: 2024 edition Introduction to Energy Outlook 2024 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Introduction | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions. For the full year, the Zacks Consensus Estimates project earnings of $4.72 per share and a revenue of $241.74 billion, demonstrating changes of -1.26% and +13.48%, respectively, from the preceding year. Investors should also take note of any recent adjustments to analyst estimates for BP. These revisions typically reflect the latest short-term business trends, which can change freq ...

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