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BP p.l.c. press launch (NYSE:BP): Q2 Non-GAAP EPADS of $1.00 beats by $0.09. Income of $47.3B (-2.6% Y/Y) misses by $3.64B. Robust working money circulate and decrease internet debt: underlying RC revenue $2.8 billion; robust working money circulate of $8.1 billion; internet debt diminished to $22.6 billion. Underlying RC revenue for the quarter was $2.8 billion, in contrast with $2.7 billion for the earlier quarter. The underlying efficient tax price within the quarter was 33%. Outlook & Steerage 3Q 2024 steering: Wanting forward, bp expects third quarter 2024 reported upstream manufacturing to be decrease in contrast with second-quarter 2024, together with in greater margin areas. In its prospects enterprise, bp expects fuels margins to stay delicate to actions in value of provide, and seasonally greater volumes in comparison with the second quarter. In merchandise, bp expects realized refining margins to proceed to be delicate to relative actions in product cracks and North American heavy crude oil differentials. bp expects revenue taxes paid within the third quarter to be round $1 billion greater than the second quarter 2024 2024 steering bp continues to count on each reported and underlying upstream manufacturing to be barely greater in contrast with 2023. Inside this, bp continues to count on underlying manufacturing from oil manufacturing & operations to be greater and manufacturing from fuel & low carbon vitality to be decrease. In its prospects enterprise, bp continues to count on progress from comfort. As well as, bp continues to count on fuels margins to stay delicate to the price of provide. bp continues to count on the opposite companies & company underlying annual cost to be round $1.0 billion for 2024. bp continues to count on the underlying ETR for 2024 to be round 40%, however it’s delicate to the affect that volatility within the present worth atmosphere could have on the geographical mixture of the group’s earnings and losses. bp continues to count on capital expenditure for 2024 to be round $16 billion, and continues to count on the phasing to be break up broadly evenly between the primary half and the second half. bp continues to count on divestment and different proceeds of $2-3 billion in 2024, weighted in direction of the second half. bp continues to count on to achieve $25 billion of divestment and different proceeds between the second half of 2020 and 2025. bp continues to count on Gulf of Mexico settlement funds for the 12 months to be round $1.2 billion pre-tax together with $1.1 billion pre-tax paid through the second quarter.
