BP plc said in its first-quarter earnings report on Tuesday that it recorded a profit of $8.2 billion, compared to a $20.3 billion loss in the same period in 2022. Net debt fell by 22.6% year-on-year to $21.2 billion, with operating cash flow at $7.6 billion. The company announced a share buyback from surplus cash flow worth $1.75 billion, planning to execute it before releasing its second-quarter results.
"This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations. Momentum continues to build across our integrated energy company strategy, with the start-up of Mad Dog Phase 2, our agreement to acquire TravelCenters of America and progress towards hydrogen and CCS projects in the UK," said CEO Bernard Looney.
