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Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 8 and 10 March 2023 (£1 = US$1.19084). Accordingly, the amount of sterling dividend payable in cash on 31 March 2023 will be:
5.5507 pence per share.
Uber Technologies Inc. needs more public stations that its drivers can pull up to for quick charges. BP Plc needs more regular customers racking up lots of miles in electric vehicles and returning to its plugs for a jolt.So it’s no wonder the ride-hailing service and the oil major’s EV charging subsidiary have made for an ideal match.On Friday, BP Pulse announced plans to take a two-year-old partnership global, broadening a relationship that helped make London the leading city globally for Uber’s efforts to electrify the vehicles on its network.In key markets across Europe, the US and the UK, BP Pulse will set aside more dedicated lanes for Uber drivers at charging hubs like the one it opened two years ago in central London. Uber also will integrate BP Pulse into its driver rewards program, offering high-usage drivers lower rates at the plug.
Highlights
Underlying replacement cost profit* $5.0 billion
• Underlying replacement cost profit for the quarter was $5.0 billion, compared with $4.8 billion for the previous quarter.
Compared to the fourth quarter 2022, the result reflects an exceptional gas marketing and trading result, a lower level of
refinery turnaround activity and a very strong oil trading result, partly offset by lower liquids and gas realizations and
lower refining margins.
• Reported profit for the quarter was $8.2 billion, compared with $10.8 billion for the fourth quarter 2022. The reported
result for the first quarter is adjusted for inventory holding losses* of $0.5 billion (net of tax) and a net favourable impact
of adjusting items* of $3.7 billion (net of tax) to derive the underlying replacement cost profit. Adjusting items include
favourable fair value accounting effects* of $4.3 billion, primarily resulting from the decline in the forward price of LNG
compared to the end of the fourth quarter.
Net debt* reduced to $21.2 billion; further $1.75 billion share buyback announced
• Operating cash flow* in the quarter was $7.6 billion including a working capital* build (after adjusting for inventory
holding losses, fair value accounting effects and other adjusting items) of $1.4 billion (see page 27).
• Capital expenditure* in the first quarter was $3.6 billion. bp continues to expect capital expenditure, including inorganic
capital expenditure*, of $16-18 billion in 2023.
• During the first quarter, bp completed $2.2 billion of share buybacks from surplus cash flow*. The $2.75 billion share
buyback programme announced with the fourth quarter results was completed on 28 April 2023.
• During the first quarter, bp also completed share buybacks of $225 million as part of the $675 million programme
announced on 7 February 2023 to offset the expected full-year dilution from the vesting of awards under employee
share schemes in 2023.
• In the first quarter, bp generated surplus cash flow of $2.3 billion and intends to execute a $1.75 billion share buyback
from surplus cash flow prior to announcing its second quarter 2023 results.
• bp remains committed to using 60% of 2023 surplus cash flow for share buybacks, subject to maintaining a strong
investment grade credit rating.
• Based on bp’s current forecasts, at around $60 per barrel Brent and subject to the board’s discretion each quarter, bp
expects to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its $14-18 billion
capital expenditure range, and have capacity for an annual increase in the dividend per ordinary share of around 4%.
• Net debt fell to $21.2 billion at the end of the first quarter.
Continued progress in transformation to an Integrated Energy Company
• In resilient hydrocarbons, bp has announced the safe delivery of its Mad Dog Phase 2 project in the Gulf of Mexico. In
addition, the KGD6-MJ project offshore India is in the final stages of commissioning with two wells opened to flow gas
and full start-up expected during the second quarter. bp intends to form a new joint venture with ADNOC that will be
focused on gas development, together making a non-binding offer for a 50% interest in NewMed Energy as a
significant first step. bp is moving forward with concept selection for Kaskida in the Gulf of Mexico and bp and partners
have confirmed they will progress evaluation of development concept for the bp-operated Greater Tortue Ahmeyim
Phase 2 project. During the quarter, bp completed the divestment of its interest in the Toledo refinery and its Algerian
upstream assets.
• In convenience and mobility, bp is advancing its strategy – agreeing to acquire TravelCenters of America, one of the
biggest networks of highway travel centres in the US. bp has also continued to progress its EV charging strategy –
signing a strategic collaboration agreement with Iberdrola in Spain and Portugal and signing a global mobility agreement
with Uber.
• In low carbon energy, bp has signed an agreement to take a 40% stake in the Viking carbon capture and storage (CCS)
project in the North Sea; three bp-led hydrogen and CCS projects in the north-east England have been chosen by the UK
government to progress to the next stage of development; and bp has launched plans for a low-carbon green energy
cluster in Spain's Valencia region to include world-scale green hydrogen* production at bp’s Castellón refinery with up
to 2GW of electrolysis capacity by 2030.
And later;
Dividends payable
BP today announced an interim dividend of 6.610 cents per ordinary share which is expected to be paid on 23 June 2023 to ordinary
shareholders and American Depositary Share (ADS) holders on the register on 12 May 2023. The ex-dividend date will be 11 May
2023. The corresponding amount in sterling is due to be announced on 6 June 2023, calculated based on the average of the market
exchange rates over three dealing days between 31 May 2023 and 2 June 2023. Holders of ADSs are expected to receive $0.39660
per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2023
dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment
programme. Details of the first quarter dividend and timetable are available at bp.com/dividends and further details of the dividend
reinvestment programmes are available at bp.com/dri
BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").
The purpose of the Programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow[1] generated in 2023 as announced by the Company on 2 May 2023.
The maximum amount allocated to the Programme is around $1.75 billion for a period up to and including 28 July 2023.
The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.
Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2023 Annual General Meeting and any further approvals to repurchase shares as may be granted by its shareholders from time to time, the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Listing Rules.
terling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 31 May and 2 June 2023 (£1 = US$1.24509). Accordingly, the amount of sterling dividend payable in cash on 23 June 2023 will be:
5.3089 pence per share.
Details of the first quarter dividend and timetable are available at bp.com/dividends. For further information on your dividend payment options visit bp.com/drip.
Introduction
BP p.l.c. has prepared the following consolidated report ('Report') on payments to governments in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209), as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (2015/1928), (the 'Regulations'). The Report also addresses BP p.l.c.'s reporting obligations under DTR 4.3A of the Financial Conduct Authority Disclosure Guidance and Transparency Rules. The 'Basis of Preparation' section below contains information about the content of the Report, the types of payments included and the principles that have been applied in preparing the Report.
Oil giant invests $10 million, agrees to offtake biomethanol
Methanol is a contender for replacing oil-derived ship fuels
Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany, with total successful awards for four locations amounting to 12.6 billion euros ($13.96 billion).
"The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of the regulator, the Bundesnetzagentur. He called the move an important step towards reaching a national offshore capacity goal of 30 GW by 2030.
Jennifer wrote:Maybe I'm misunderstanding but paying over 12 billion for the rights to make an investment that will earn a return of 6-8% seems a lousy deal!
Highlights
Underlying replacement cost profit* $2.6 billion
• Underlying replacement cost profit for the quarter was $2.6 billion, compared with $5.0 billion for the previous quarter. Compared to the first quarter 2023, the result reflects: significantly lower realized refining margins, a significantly higher level of turnaround and maintenance activity and a weak oil trading result; lower oil and gas realizations; and an exceptional gas marketing and trading result, albeit lower than the first quarter.
• Reported profit for the quarter was $1.8 billion, compared with $8.2 billion for the first quarter 2023. The reported result for the second quarter is adjusted for inventory holding losses* of $0.5 billion (net of tax) and a net adverse impact of adjusting items* of $0.2 billion (net of tax) to derive the underlying replacement cost profit. Adjusting items include impairments of $1.2 billion and favourable fair value accounting effects* of $1.1 billion.
Operating cash flow* $6.3 billion
• Operating cash flow in the quarter of $6.3 billion includes $1.2 billion of Gulf of Mexico oil spill payments within a working capital* release (after adjusting for inventory holding losses, fair value accounting effects and other adjusting items) of $0.1 billion (see page 30).
• Capital expenditure* in the second quarter was $4.3 billion including $1.1 billion for the acquisition of TravelCenters of America, net of adjustments. bp continues to expect capital expenditure, including inorganic capital expenditure*, of $16-18 billion in 2023.
• During the second quarter, bp completed $2.1 billion of share buybacks. This included $225 million as part of the $675 million programme announced on 7 February 2023 to offset the expected full-year dilution from the vesting of awards under employee share schemes in 2023.
• The $1.75 billion share buyback programme announced with the first quarter results was completed on 28 July 2023. Over the last four quarters bp has completed over $10 billion of buybacks from surplus cash flow* and reduced its issued share capital by over 9%.
• Net debt* was $23.7 billion at the end of the second quarter.
And later;
Dividends payable
BP today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 22 September 2023 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 11 August 2023. The ex-dividend date will be 10 August 2023. The corresponding amount in sterling is due to be announced on 5 September 2023, calculated based on the average of the market exchange rates over three dealing days between 30 August 2023 and 1 September 2023. Holders of ADSs are expected to receive $0.43620 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2023 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.
BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").
The purpose of the Programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow[1] generated in 2023 as announced by the Company on 1 August 2023.
The maximum amount allocated to the Programme is around $1.5 billion for a period up to and including 27 October 2023.
The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.
s BP’s almost-5% dividend yield as safe as it seems, or could there be trouble ahead for the big oil company’s shareholders?
The BP (LSE: BP) dividend has attracted income-seeking investors for years. And for good reason. With the oil company’s stock near 472p, the forward-looking yield is around 5%. And it’s often been at a similar level in the past.
Yet is the shareholder dividend safe? It may be, but the company does have its issues.
idpickering wrote:This from TMF may be of interest here;
Is the BP dividend safe?s BP’s almost-5% dividend yield as safe as it seems, or could there be trouble ahead for the big oil company’s shareholders?
The BP (LSE: BP) dividend has attracted income-seeking investors for years. And for good reason. With the oil company’s stock near 472p, the forward-looking yield is around 5%. And it’s often been at a similar level in the past.
Yet is the shareholder dividend safe? It may be, but the company does have its issues.
https://www.fool.co.uk/2023/08/18/is-th ... dend-safe/
Ian (I hold but have no plans of buying any more BP. shares currently, much due to the risks outlined in the above article).
simoan wrote:idpickering wrote:This from TMF may be of interest here;
Is the BP dividend safe?
https://www.fool.co.uk/2023/08/18/is-th ... dend-safe/
Ian (I hold but have no plans of buying any more BP. shares currently, much due to the risks outlined in the above article).
What an awful article. So obviously biased using very selective data. Why not include the most recent FY22 numbers in the cashflow table? Maybe because the dividend is covered 6x by free cashflow and it spoils the narrative. God forbid the author should have to find something useful to write about.
I think it’s a shame how poor the level of journalism on TMF has become.
csearle wrote:Moderator Message:
Couple of posts removed. Whether a link to a Motley Fool article is off-topic here is debatable, but such a debate certainly is off-topic here. There are other boards available that. - Chris
On 1 August 2023, the Directors of BP p.l.c. announced that the interim dividend for the second quarter of 2023 would be US$0.07270 per ordinary share (US$0.4362 per ADS). This interim dividend is to be paid on 22 September 2023 to shareholders on the share register on 11 August 2023. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2023 dividend. Dividend reinvestment plans have been made available for this dividend for ordinary shareholders and ADS holders (subject to certain exceptions) to receive additional bp shares.
Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 30 August and 1 September 2023 (£1 = US$1.26831). Accordingly, the amount of sterling dividend payable in cash on 22 September 2023 will be:
5.7320 pence per share.
Details of the second quarter dividend and timetable are available at bp.com/dividends. For further information on your dividend payment options, visit bp.com/drip.
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