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BP not delivering expected numbers, Barclays says


Published on 2024-12-11 08:41:01 - Yahoo Finance
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  • BP (NYSE:BP)'s numbers are not meeting expectations set under the company's "re-imagining energy" strategy introduced in 2020, according to Barclays (LON:BARC) analysts.

The article from Yahoo Finance discusses BP's recent financial performance, highlighting that the company has not met the expectations set by analysts. Despite a rise in oil prices, BP's profits were lower than anticipated due to several factors including weaker gas trading results, higher refinery maintenance costs, and a significant one-time charge related to the Gelsenkirchen refinery in Germany. The company reported an underlying replacement cost profit, its preferred measure, of $3.3 billion for the second quarter, which was below the $4.6 billion expected by analysts. Additionally, BP announced a share buyback of $1.5 billion, which was less than the $2.5 billion some investors hoped for. The article also touches on BP's strategic shift towards renewable energy, although this transition has been slower than some investors would like, contributing to the dissatisfaction with the company's current financial outcomes.

Read the Full Yahoo Finance Article at:
[ https://uk.finance.yahoo.com/news/bp-not-delivering-expected-numbers-085613691.html ]