The company is scrapping $24.5bn of Russian assets, which mainly consists of its 19.75% stake in Rosneft. Other than this expected impairment, the group reported very strong Q1 results, beating consensus. The adj. EBIT is up 45% qoq ($10.2bn), better than TotalEnergies and Eni which reported last week, thanks to “exceptional oil and gas trading” p&l (above $1bn?). The surplus cash flow is up 37% qoq ($4.1bn), allowing for a $2.5bn share buyback, $1bn higher than in Q4.
03 May 2022
Q1: $25bn of impairments don't stop a $2.5bn buyback
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Q1: $25bn of impairments don't stop a $2.5bn buyback
BP p.l.c. (BP:LON) | 526 13.2 0.5% | Mkt Cap: 88,495m
- Published:
03 May 2022 -
Author:
Kevin VO | Elif Binici -
Pages:
3
The company is scrapping $24.5bn of Russian assets, which mainly consists of its 19.75% stake in Rosneft. Other than this expected impairment, the group reported very strong Q1 results, beating consensus. The adj. EBIT is up 45% qoq ($10.2bn), better than TotalEnergies and Eni which reported last week, thanks to “exceptional oil and gas trading” p&l (above $1bn?). The surplus cash flow is up 37% qoq ($4.1bn), allowing for a $2.5bn share buyback, $1bn higher than in Q4.