BP reports results that beat analysts' expectations in the first quarter while recording a huge charge related to its exit from Russia of $29.3 billion. The British oil giant nevertheless made an adjusted net profit of $6.53 billion in the first three months of the year (the highest in more than 10 years) against the consensus of $4.43 billion, while it managed to generate a free operating cash flow of $8.6 billion. The published loss reached $20.4 billion. Despite this mountain of cash, BP sticks to its expenditure budget of 14 to 15 billion dollars over the year. However, the group has not forgotten its shareholders: it intends to buy back $2.5 billion in shares between now and the publication of the results for the 2nd quarter and pays a quarterly dividend of 5.46 cents per share.
“BP continues to establish a delivery track record within its disciplined financial framework. Net debt has declined for the eighth consecutive quarter; we are investing with discipline to advance our strategy – making significant progress since the start of the year, and we are delivering on our commitment to shareholder payouts," said Murray Auchinclos, the firm's Chief Financial Officer.