London (Reuters) – BP disappointed expectations Tuesday with an underlying profit at the replacement cost of $ 1.38 billion (1.21 billion euros) for the first quarter, while analysts were tabling on $ 1.53 billion, according to a consensus provided by the company.
The group bought $ 750 million in shares, which corresponds to the lower limit of the range it had set for itself, and announced its intention to buy it for an additional $ 750 million during the quarter.
BP said that it would spend $ 14.5 billion this year, about $ 500 million less than its previous forecasts, and reiterated its target from $ 15 billion to $ 15 billion for next year and 2027.
The activist investor Elliott wants BP to increase his available cash flow by considerably reducing his expenses and costs, replacing his strategy manager and creating units upstream and downstream in order to clarify responsibilities, have told Reuters familiar sources with the file.
Elliott increased its participation in BP to just over 5%, placing it between the main shareholders Blackrock and Vanguard, according to LSEG data.
In the first quarter of last year, BP recorded an underlying profit at the replacement cost – its definition of adjusted net profit – of 2.7 billion dollars.
(Written by Shadia Nasralla; Mara Vîlcu for the ; edited by Augustin Turpin)
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