BP underlying RC profit hits $6.25B, but sees $25.5B impairment on Rosneft exit
BP PLC on Tuesday reported impairments of $25.5 billion following the decision to exit its 19.75% shareholding in Russia's Rosneft Oil Co.
As a result, the British energy major booked a net loss of $20.38 billion for the first quarter of the year--compared with a $2.33 billion profit in the fourth quarter of 2021. Underlying replacement cost profit, the company's preferred metric, rose to $6.25 billion from $4.07 billion, reflecting exceptional oil and gas trading profits, higher oil realizations and a stronger refining result. This was above the market consensus of $4.49 billion compiled by BP and averaged from 26 brokers.
BP declared a dividend of 5.46 cents a share for the first quarter, in line with the immediately prior period, and a share buyback of $2.5 billion.
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