Energy

BP maintains share buybacks as cash flow drops

Oil giant’s operating cash flow was just over $5 billion - well below the average analyst estimate of $6.72 billion

The company made a new pledge to further reduce costs in the medium term, after announcing changes in its organisational structure. Picture: Getty

BP maintained the pace of its share buybacks even as first-quarter profit and cash flow fell by more than expected and net-debt increased.

The result marks the end of a mixed set of Big Oil earnings which saw Shell, TotalEnergies and Chevron do better than expected, while Exxon Mobil’s profit fell short. All of the companies kept their focus on returning cash to shareholders, and BP pledged to repurchase $3.5 billion (€3.25 billion) of shares ...