BP plc (NYSE: BP) reported Q1 EPS of $1.66, $0.28 better than the analyst estimate of $1.38. Revenue for the quarter came in at $56.18 billion versus the consensus estimate of $56.84 billion.

GUIDANCE:

BP expects second-quarter 2023 reported upstream production to be lower compared to first quarter 2023, in both oil production & operations and gas & low carbon energy, including the effects of seasonal maintenance, with the impact predominantly in higher margin regions.

Having realized $16.7 billion of divestment and other proceeds since the second quarter of 2020, bp continues to expect divestment and other proceeds of $2-3 billion in 2023 and continues to expect to reach $25 billion of divestment and other proceeds between the second half of 2020 and 2025.

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