i_SVG Created with Sketch.

Capital Markets Elite Group is not a registered U.S. broker-dealer. It does not accept a U.S. Person as a client if that person was solicited by Capital Markets Elite Group. (The definition of “U.S. Person” is here.) Capital Markets Elite Group will rely on a certification from a potential customer that the potential customer either is not a U.S. Person or has not been solicited, directly or indirectly, by Capital Markets Elite Group and has not been induced by Capital Markets Elite Group to engage in securities transactions. In particular, they must certify that they were directed to this website by someone other than Capital Markets Elite Group. They must also certify that they understand that they will not be protected by U.S. laws, regulations and supervisory structures applicable to broker-dealers registered in the U.S. and they do not expect such protections to apply. You should give these certifications only if they are true. If you wish to proceed to the website knowing that, please click “Continue” below. Otherwise click “Leave Website”

Leave Website
Cash Back Promotion for the period 16th September 2024 - 15th December 2024. Click here for Terms and Conditions.

Level Up to $0 Commission Promotion for the period 16th September 2024 - 15th December 2024. Click here for Terms and Conditions.
Start Trading
Equities and ETFsOptions
CAP it ALLDAS Trader ProSterling Trader ProCompare Platforms
Pricing StructureEquities and ETFsOptionsMarket DataTrade Ideas Bundles
About UsTrends and InsightsContact UsFAQs
Start Trading Login
BP

BP Reports Highest Quarterly Cash Flow in Almost 8 Years

May 4, 2022 | About 3 minutes

BP shares soared as much as 8% after the company reported strong first quarter earnings. Despite a $25.5 billion charge due to its exit from its Russian joint venture with Rosneft, the company also increased its share buyback program by $2.5 billion.

The company recorded adjusted EPS of 32¢, 44% ahead of the consensus EPS of 22.25¢. Adjusted EBIT was $10.2 billion versus the $8.4 billion expected by analysts.

BP generated operating cash flow of $8.2 billion, the highest quarterly figure since the third quarter of 2014. Much of the boost came in the form of the company’s large commodity trading business.

BP also guided towards a strong second quarter as oil and gas prices remain elevated and high volatility continues to provide tailwinds to its trading arm. Crack spreads, the difference between the price of refined products and crude oil, similarly continue to increase and should remain strong going into the summer travel season. That auger’s well for BP’s refinery business, which has been a weak spot lately.

The company maintained its CapEx spend at $15 billion for the fiscal year, showing discipline in costs despite the surging top-line. Leverage at the consolidated level increased slightly due to the write-down of the Russian equity investment, but net debt also decreased.

Lastly, the current balance sheet strength means that BP will enter any future downcycle in commodity prices in a much stronger fiscal position than it did the downcycle in 2014.