BP Reports Strong Operating Cash Flow Despite Quarterly Loss

BP p.l.c. has announced its financial results for the second quarter and first half of 2024, showcasing a robust operating cash flow despite incurring a loss of $129 million attributable to shareholders for Q2. The company's operating cash flow reached $8.1 billion for the quarter, contributing to a decrease in net debt to $22.6 billion.

Despite the loss, BP reported an underlying replacement cost (RC) profit of $2.8 billion for the quarter, slightly up from $2.7 billion in Q1 2024. This was bolstered by strong operating metrics, including a 96.1% reliability rate for BP-operated upstream plants and a 96.4% availability rate for BP-operated refineries.

BP continues to focus on cost reduction and operational efficiency. The company announced a dividend per ordinary share of 8 cents and a $1.75 billion share buyback for Q2 2024. These moves align with their commitment to value growth and shareholder returns.

Looking ahead, BP expects decreased upstream production in Q3 and heightened tax payments due to timing of instalments. The company remains committed to its 2024 capital expenditure guidance of around $16 billion and expects divestment proceeds of $2-3 billion weighted towards the second half of the year.