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BP profit drops 23.5% to $3.23B

  • BP's (BP) Q1 underlying replacement-cost profit, which is equivalent to net profit and strips out inventory gains or losses, dropped to $3.23B from $4.22B a year earlier.
  • Revenue declined to $91.71B from $94.11B.
  • Production fell 8.5% to 2.13M barrels of oil a day and BP warned that output would fall in Q2 from Q1, mainly due to major maintenance.
  • Actual net profit dropped to $3.53B from $16.86B in Q1 2013, when BP was boosted by a $12.5B gain from the sale of its holding in TNK-BP.
  • The upstream division's underlying pretax replacement cost profit fell to $4.4B from $5.7B, dragged down by asset sales and a charge of $521M. At the downstream operations, profit tumbled to $1B from $1.6B amid a weaker refining environment.
  • Despite the fall in earnings, BP raised its Q1 dividend to 9.75 cents a share from 9 cents last year. (PR)
Comments (14)
  • Neurology
    , contributor
    Comments (44) | Send Message
     
    BP plc on the NYSE currently yields $0.57 quarterly; can someone translate what this rise to 9.75c means in USD terms?
    29 Apr, 06:21 AM Reply Like
  • sdtheclub
    , contributor
    Comments (12) | Send Message
     
    It works out to be just over 6 cents a year. They raised it from 9.5 to 9.75m not 9 to 9.75 as is stated in the article.
    29 Apr, 07:37 AM Reply Like
  • ksumida
    , contributor
    Comments (20) | Send Message
     
    I guess an 8.3% increase puts it at $2.47 annually, or 61.75c quarterly.
    29 Apr, 07:02 AM Reply Like
  • sdtheclub
    , contributor
    Comments (12) | Send Message
     
    No it is $2.34 per year or 58.5 cents quarterly
    29 Apr, 08:18 AM Reply Like
  • Larry Harnar
    , contributor
    Comments (314) | Send Message
     
    This is was the earnings release says about the dividend:

     

    "BP today announced a quarterly dividend of 9.75 cents per ordinary share ($0.585 per ADS),which is expected to be paid on 20 June 2014."

     

    So, 0.585 x 4 = $2.34 annual per ADS

     

    Larry
    29 Apr, 08:06 AM Reply Like
  • Neurology
    , contributor
    Comments (44) | Send Message
     
    Thank you, Larry. It's a tiny increase from 57c but a year ago it was 54c per quarter.
    29 Apr, 08:18 AM Reply Like
  • sdtheclub
    , contributor
    Comments (12) | Send Message
     
    It works out to be 6 cents a year or 1.5 cents per quarter which is now .585 per quarter or 2.34 per year
    29 Apr, 08:09 AM Reply Like
  • Riskman
    , contributor
    Comments (119) | Send Message
     
    It's ok with me...any return is appreciated!
    29 Apr, 08:38 AM Reply Like
  • sdtheclub
    , contributor
    Comments (12) | Send Message
     
    You bet, I will take anything I can get. I love BP!
    29 Apr, 10:20 AM Reply Like
  • Jdeboer87
    , contributor
    Comments (204) | Send Message
     
    Any increase is welcome especially after the BAC debacle yesterday.
    29 Apr, 10:05 AM Reply Like
  • ThadJoseph
    , contributor
    Comments (83) | Send Message
     
    I've held BP since the gulf spill - that was the time to BUY. My cost average is $32 and I'm raking in a 7% yield....pretty awesome for a megacap stock. I love BP!
    29 Apr, 10:37 AM Reply Like
  • 8869201
    , contributor
    Comments (9) | Send Message
     
    I am very disappointed with BP's recent increase in dividend to 0.585. That is too small of a dividend increase and I was hoping they would go to more like 0.65. This shows me that BP is in trouble because they do not have the money to pay a proper dividend.
    29 Apr, 07:02 PM Reply Like
  • Roady26.2
    , contributor
    Comments (145) | Send Message
     
    8869201, This is an early increase the regular annual increase would have been declared late October. Who knows BP may increase again in October. I bet BP declares .60 to .62 later this year for an annual increase of around 7%. 0.65 is probably asking a little much though.
    30 Apr, 08:30 AM Reply Like
  • Jdeboer87
    , contributor
    Comments (204) | Send Message
     
    Follow the cash, BP is quickly becoming a cash cow. They will generate $31 Billion of cash this year (before capital investment). The gulf issue has been keeping their dividend growth lower but this will adjust over time. I think they are being very prudent with cash and I would expect consistent dividend increases in the future.
    30 Apr, 10:06 AM Reply Like
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