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BP BP Plc

38.67
0.45 (1.18%)
02 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
BP Plc NYSE:BP NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.45 1.18% 38.67 38.84 38.44 38.50 10,021,188 23:10:36

BP Books $25.5 Billion Impairments on Russia Exit

03/05/2022 7:47am

Dow Jones News


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By Jaime Llinares Taboada

 

BP PLC on Tuesday reported impairments of $25.5 billion following the decision to exit its 19.75% shareholding in Russia's Rosneft Oil Co.

As a result, the British energy major booked a net loss of $20.38 billion for the first quarter of the year--compared with a $2.33 billion profit in the fourth quarter of 2021.

Underlying replacement cost profit, the company's preferred metric, rose to $6.25 billion from $4.07 billion, reflecting exceptional oil and gas trading profits, higher oil realizations and a stronger refining result. This was above the market consensus of $4.49 billion compiled by BP and averaged from 26 brokers.

BP declared a dividend of 5.46 cents a share for the first quarter, in line with the immediately prior period, and a share buyback of $2.5 billion.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

May 03, 2022 02:32 ET (06:32 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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