BP plc Announces Robust Q1 Results and Buyback

BP plc. (BP) has released an update.

BP plc has reported a strong first quarter in 2024 with an underlying replacement cost profit of $2.7 billion and an announced $1.75 billion share buyback. The company highlighted a resilient financial and operational performance, with increased oil production and the startup of the ACE platform in the Caspian Sea. BP is also focusing on cost savings, aiming to simplify their organizational structure and deliver at least $2 billion in savings by the end of 2026.

For further insights into BP stock, check out TipRanks’ Stock Analysis page.