Q2 2024 BP PLC Earnings Call Transcript
Key Points
- BP PLC (BP) reported strong operating cash flow of $8.1 billion for Q2 2024.
- The company achieved a 10% increase in announced dividends.
- BP PLC (BP) announced a $1.75 billion buyback in respect of Q2 results and committed to $3.5 billion of share buybacks for the second half of 2024.
- The company reduced net debt by $1.4 billion to $22.6 billion.
- BP PLC (BP) demonstrated high operational efficiency with 96% upstream plant reliability and 96% refining availability.
- BP PLC (BP) faced a 4% increase in unit upstream costs.
- Transition engine EBITDA halved year-on-year in the first half of 2024.
- Biofuels, convenience, and renewables segments reported declines.
- The company has ongoing challenges with regulatory uncertainty affecting biofuel margins.
- BP PLC (BP) experienced higher exploration charge-offs, particularly in the Gulf of Mexico.
A warm welcome to everyone joining us in person at our headquarters today and to those joining online and on the phones. I trust everyone has had a chance to watch the second quarter 2024 video presentation and read our stock exchange announcement, both of which were posted this morning on our website, bp.com. We heard the feedback that you appreciated this new format. For today, we're aiming to finish the call at 2:00 PM UK time.
So with that let me hand over to Murray for some brief opening remarks.
Great. Thanks, Craig, and thanks to everyone for joining today. I'm in the room and I'm joined by Kate Thomson, CFO; Carol Howle, EVP, Trading and Shipping; and Emma Delaney, EVP Customers and Products, which luckily for me will provide me with the opportunity to pass all difficult questions to them today.
To recap on today's results, our operations are running really well. 96% upstream plant
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