Financial Performance - The company reported a first quarter adjusted EBITDA of $10.3 billion and underlying earnings of $2.7 billion, demonstrating resilient financial performance despite an unplanned outage at the Whiting refinery [5][6]. - Operating cash flow for the quarter was $7.4 billion, adjusted for expected seasonal working capital build [6]. Business Line Performance - The company made strategic progress with the safe start-up of the Azeri Central lease project and the online launch of Checkmate, its third central processing facility [6]. - In biogas, Archaea brought online its largest modular RNG plant and has five more in commissioning [6]. Market Performance - The company announced a 42.5% firm-in into an exploration block in the Orange basin offshore Namibia, indicating expansion in its market presence [7]. Company Strategy and Industry Competition - The company aims to deliver at least $2 billion in cash cost savings by the end of 2026, focusing on simplifying operations and removing complexity [7]. - The management emphasized a countercyclical approach to acquisitions, indicating a focus on strategic growth during low price periods [31][32]. Management Commentary on Operating Environment and Future Outlook - Management acknowledged challenges in the macroeconomic environment, particularly in the U.S. freight sector, which has impacted business performance [11][16]. - The company remains confident in achieving its 2025 EBITDA targets of $3 billion to $4 billion from transition growth engines, driven by growth in various segments including EV and hydrogen [13][16]. Other Important Information - The company is focusing on digital transformation to drive efficiencies, including the use of AI to reduce coding needs and improve operational efficiency [73][76]. - The company is also looking to optimize its supply chain through alliances with partners to eliminate waste and improve cost efficiency [76]. Q&A Session Summary Question: Concerns about 2025 EBITDA targets - Management acknowledged skepticism in the market regarding the 2025 EBITDA targets but highlighted strong operational momentum and growth in transition engines as key drivers [11][16]. Question: Lessons learned from Whiting refinery outage - Management stated it is too early to draw lessons from the outage, but the team is currently reviewing the incident to improve future operations [12]. Question: Cost-cutting measures and benchmarking against peers - Management discussed the challenges of comparing costs across companies due to different accounting practices and emphasized their focus on cash costs and efficiency improvements [21][22]. Question: Dividend growth expectations - Management indicated that the Board will consider various factors for dividend growth, including share count reduction and overall business performance [86][87]. Question: Update on low-carbon and trading businesses - Management confirmed that low-carbon trading is included in overall trading numbers but will not be broken out further beyond existing disclosures [112]. Question: Update on the Permian operations - Management reported that the third central gathering process is now online, increasing capacity and improving productivity in the Permian region [103][104].

Note 4. Analysis of replacement cost profit (loss) before interest and tax and reconciliation to profit (loss) before taxation $ million 2024 2023 2023 gas & low carbon energy 1,036 2,169 7,347 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|-------|---------|--------| | | | | | | oil production & operations | 3,060 | 1,879 | 3,317 | | customers & products | 988 | (554) | 2,680 | | other businesses & corporate | (300) | (16) | (90) | | | ...

Investors are closely monitoring BP plc (BP) as it prepares to announce first-quarter 2024 earnings on May 7, before the opening bell. Some investors are considering whether to buy shares of this large integrated energy company before its earnings release or wait for a more favorable entry opportunity.Promising Price TrendsBP has proven to be rewarding since the beginning of 2024, gaining 9.3% year to date, exceeding the 8.7% rise of the broader Zacks Oil - Energy sector. The new management’s strong emphasi ...

RobsonPL/iStock Editorial via Getty Images Finding investments with solid growth and strong cash is hard. While some companies in sectors such as tobacco and the utility industry have stable revenues, finding corporations that can offer investors consistent capital gains and impressive dividends is hard. One sector that has offered investors very strong returns and solid income since the Pandemic hit in late 2019 is the oil and gas industry. Demand for energy was strong coming out of the pandemic, and a ...

BP (BP) closed at $38.22 in the latest trading session, marking a -1.42% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.34%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.33%.Shares of the oil and gas company witnessed a gain of 0.31% over the previous month, beating the performance of the Oils-Energy sector with its gain of 0.17% and the S&P 500's loss of 4.05%.The investment community will be paying close attention to the earnings performa ...

The plant can convert 9,600 standard cubic feet of landfill gas per minute into lower-carbon renewable natural gas (RNG). Plant is expected to produce enough renewable natural gas to heat up to 38,000 homes annually, according to the EPA Landfill Gas Energy Benefits Calculator. HOUSTON, April 30, 2024 /PRNewswire/ -- Today, bp's Archaea Energy (NYSE: BP) announced the official startup of its largest original Archaea Modular Design (AMD) renewable natural gas (RNG) plant to date in Shawnee, Kansas, just out ...

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is BP (BP) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.BP is one of 251 companies in the Oils-Energy group. The Oils-Energy group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sec ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find compa ...

BP logo at a petrol station in London, U.K. (Photo: Leon Neal)Getty ImagesFollowing his predecessor Bernard Looney's sudden departure last year, BP CEO Murray Auchincloss' was left carrying the can for the company's strategy calling for growing renewables and reducing oil and gas output by 2030 or "Reimagine BP."The plan - to make the energy giant net zero by 2050 - failed to impress both shareholders at a time of extreme energy market volatility as well as environmental groups who accused Looney of waterin ...

The latest trading session saw BP (BP) ending at $38.52, denoting a +1.58% adjustment from its last day's close. The stock outpaced the S&P 500's daily loss of 0.88%. Meanwhile, the Dow gained 0.56%, and the Nasdaq, a tech-heavy index, lost 2.05%.Shares of the oil and gas company witnessed a gain of 0.5% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 2.78% and outperforming the S&P 500's loss of 2.57%.Analysts and investors alike will be keeping a close eye on t ...