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Highlights
- BP PLC (LSE: BP.) is an FTSE 100-listed multinational oil and gas company.
- The firm registered higher profit of US$7,347 million from the gas and low carbon energy division in Q1 FY23.
- BP is looking forward to deliver higher numbers in terms of customer business in Q2 FY23.
FTSE 100-listed BP PLC (LSE:BP) is a multinational oil and gas company with a global energy business spread across Australasia, Asia, Africa, Europe, North and South America.
The company registered higher profits of US$7,347 million from the gas and low carbon energy division in the first quarter of the fiscal year 2023 (Q1 FY23) as compared to the loss of US$1,524 million in the previous corresponding period. Overall, the company managed to lower its net debt to USD 21.2 billion in the first quarter of FY23. Its net debt stood at US$27.5 billion in the first quarter of FY22.
According to the company, it is gaining momentum having delivered another quarter of increasing returns for investors, resilient earnings, and higher investment in the company’s integrated energy strategy.
BP’s outlook for the coming quarters
The company is expecting the prices of crude oil to be at higher levels following the production output cut by OPEC+. The reopening and demand revival by China will further support this development.
Also, BP is looking forward to deliver higher numbers in terms of customer business in the second quarter of the year FY23. The firm can achieve this goal because of seasonally higher volumes and higher marketing margins.
In addition, the firm is advancing towards its 2025 oil and gas production target with the safe start-up of Mad Dog Phase 2 in the Gulf of Mexico. Also, BP’s KGD6-MJ project offshore India has reached its last stages of commissioning with two wells functional to flow gas. The firm is expecting the full start-up later this quarter.
Stock price performance
The stock has witnessed a decline of ~3.76% in the last one month and over the last 6 months, it has decreased by ~4.12%. The stock has a 52-week low and 52-week high of GBX 359.20 & GBX 570.56, respectively.
Data Source: EODHD/Others, Analysis done by Kalkine Group
Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 26 June 2023. The reference data in this report has been partly sourced from EODHD/Others.
