BP’s quarterly profit beats analysts’ forecasts – Kommersant
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British company BP in the first three months of the year received underlying profit of $5 billion. Last year, this figure was a record $6.2 billion. Nevertheless, the current results were better than analysts’ expectations.
The company reduced its net debt to $21.2 billion. Capital expenditures amounted to $3.6 billion. During the reporting period, BP completed a $2.2 billion buyback of its own shares and confirmed its intention to use up to 60% of its cash balance asset for share buybacks. If the cost of oil remains at about $60 per barrel, BP is ready to buy back about $4 billion worth of its shares annually.
Meanwhile, the good reporting of BP and other oil and gas producing companies has become a reason for criticism, in particular, from the Labor Party, whose members demand higher taxes on the profits of such companies. Labor called for a tightening of last year’s excess profits tax to offset rising utility bills for ordinary consumers.
Leader of the Labor Party Sir Keir Starmer interview BBC Breakfast said: “Of course we want BP and others to make a profit so they can invest. But here are the profits that they did not expect to receive, these are profits that are out of bounds, because world energy prices are very high.”
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