Investing.com -- London-listed shares in BP PLC (LON: BP ) fell on Tuesday, slumping towards the bottom of the pan-European Stoxx 600 after the British oil major slowed its pace of share buybacks following a reduction in profit in the first quarter.
In its latest results, the firm said it plans to repurchase $1.75 billion worth of shares in the upcoming three months using surplus cash flow. BP said it had completed a $2.75B buyback plan first announced in the fourth quarter on April 28.
"We are strengthening the balance sheet, investing with discipline to advance our strategy, and are committed to returning 60% of 2023 surplus cash flow through share buybacks," said Chief Financial Officer Murray Auchincloss in a statement.
Meanwhile, underlying replacement cost profit, BP's preferred measure of adjusted net income, slipped to $4.96 billion, down more than a fifth from the $6.25B registered in the corresponding period last year. But the figure was still an improvement quarter-on-quarter, and above Bloomberg consensus expectations of $4.28B.
The company said it was boosted by "exceptional gas marketing and trading," a lower level of refinery turnaround activity and a "very strong" oil trading result.
But a recent dip in oil prices also partly offset these gains. According to Reuters, benchmark Brent crude prices averaged $81 a barrel in the first quarter, a drop of 16% versus the same time frame in 2022.
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