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BP Cuts Buyback; Profit Misses Expectations
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By Adam Whittaker
BP said it would return less cash to shareholders as market uncertainty and weaker oil prices weighed on its outlook while the British energy major's profit came in worse than expected.
The London-based oil-and-gas giant said Tuesday that underlying replacement-cost profit--a metric similar to net income its U.S. peers report--was $1.38 billion compared with $1.53 billion analysts had expected, according to a company-compiled consensus.
Its quarterly buyback fell to $750 million from $1.75 billion in the prior quarter.
Write to Adam Whittaker at adam.whittaker@wsj.com