BP plc (BP) Tops Q2 EPS by 9c; offers outlook

BP plc (NYSE: BP) reported Q2 EPS of $1.00, $0.09 better than the analyst estimate of $0.91. Revenue for the quarter came in at $47.3 billion versus the consensus estimate of $52.43 billion.

OUTLOOK

3Q 2024 guidance
• Looking ahead, bp expects third quarter 2024 reported upstream* production to be lower compared with second-quarter 2024,
including in higher margin regions.

• bp expects income taxes paid in the third quarter to be around $1 billion higher than the second quarter 2024 mainly due to the
timing of instalment payments, which are typically higher in the third quarter each year.

2024 guidance

• bp continues to expect both reported and underlying upstream production* to be slightly higher compared with 2023. Within this,
bp continues to expect underlying production from oil production & operations to be higher and production from gas & low
carbon energy to be lower.

• bp continues to expect the other businesses & corporate underlying annual charge to be around $1.0 billion for 2024. The charge
may vary from quarter to quarter.

• bp continues to expect capital expenditure* for 2024 to be around $16 billion, and continues to expect the phasing to be split
broadly evenly between the first half and the second half.
• bp continues to expect divestment and other proceeds of $2-3 billion in 2024, weighted towards the second half. Having realized
$18.9 billion of divestment and other proceeds since the second quarter of 2020, bp continues to expect to reach $25 billion of
divestment and other proceeds between the second half of 2020 and 2025

For earnings history and earnings-related data on BP plc (BP) click here.

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