BP plc (NYSE: BP) reported Q1 EPS of $0.97, $0.04 worse than the analyst estimate of $1.01. Revenue for the quarter came in at $48.88 billion versus the consensus estimate of $53.67 billion.

OUTLOOK

Looking ahead, BP expects second quarter 2024 reported upstream production to be slightly lower compared with first-quarter 2024.

BP continues to expect the other businesses & corporate underlying annual charge to be around $1.0 billion for 2024.

BP continues to expect the depreciation, depletion and amortization to be slightly higher than 2023.

BP continues to expect divestment and other proceeds of $2-3 billion in 2024, weighted towards the second half. Having realized $18.2 billion of divestment and other proceeds since the second quarter of 2020, BP continues to expect to reach $25 billion of divestment and other proceeds between the second half of 2020 and 2025.

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