Q3 2024 BP PLC Earnings Call Transcript
Key Points
- BP PLC (BP) reported a 3% increase in upstream production year-to-date, with liquids production up 5%.
- The company achieved an 80% year-on-year growth in its EV charging business, reaching 1 terawatt hour of electrons sold globally.
- BP PLC (BP) announced a $1.75 billion share buyback and a dividend per ordinary share of $0.08, reflecting strong shareholder returns.
- The company is on track to deliver over $0.5 billion of cost savings in 2025, aiming for at least $2 billion by 2026.
- BP PLC (BP) has made significant progress in accessing new resource opportunities in Iraq, Azerbaijan, and Abu Dhabi, enhancing its portfolio.
- BP PLC (BP) experienced a weak quarter in its oil trading business, impacting downstream earnings.
- The company faces challenges in refining margins, particularly in Europe, due to market conditions.
- BP PLC (BP) has increased its divestment guidance, indicating potential reliance on asset sales to manage cash flow.
- The company is dealing with high levels of net debt, including $3.7 billion from recent acquisitions, which may impact future financial flexibility.
- BP PLC (BP) is facing challenges in the US natural gas market, with weak pricing affecting operations in regions like the Haynesville and Permian.
Okay. Thank you, everyone, for joining BP's third quarter 2024 results call. As you'll be aware, we published the slides and script and video presentation alongside our stock exchange announcement earlier today.
So before we start with Q&A, let me hand over to Murray for a few opening remarks.
Thanks, Craig, and thanks, everyone, for joining Kate and I on the call today. To briefly recap today's results, operations run well this quarter. Year-to-date, upstream production was around 3% up, including liquids production up 5%. Plant reliability in the Upstream was more than 95% and refining availability was more than 96% for the quarter.
Really cool statistic in our EV charging business. We've had 80% year-on-year growth. And cumulatively, this year, we've now hit 1 terawatt hour of electrons sold to our customers around the globe. We now have 23 kbd biogas supply online with eight plants commissioning in 4Q. Our performance has supported underlying profit of $2.3
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