Summary by Moomoo AI
BP reported a Q2 2024 loss of $129 million, compared to a $2.3 billion profit in Q1 2024 and $1.8 billion profit in Q2 2023. The loss includes $2.8 billion in net adjusting items. Underlying replacement cost profit was $2.8 billion, up from $2.7 billion in Q1 and $2.6 billion in Q2 2023.Operating cash flow strengthened to $8.1 billion from $6.3 billion in Q2 2023. Net debt decreased to $22.6 billion from $23.7 billion a year ago. BP announced a Q2 dividend of 8 cents per share and plans to execute a $1.75 billion share buyback before Q3 results.BP expects to announce $3.5 billion in buybacks for H2 2024 and plans at least $14 billion through 2025, aiming to return 80% of surplus cash flow to shareholders. The company maintains its $16 billion annual capex guidance for 2024-2025 and expects slightly higher 2024 production versus 2023.
