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British Oil major BP PLC reporting first quarter earnings Tuesday beating analyst expectations. $BP also announced a share buy back program. $BP follows fellow majors $XOM, $CVX,$COP and $RDSA reports.

Bp Rig

Earnings

$2.586 billion in net profit for Q1, the highest since 2014 and beating analysts' estimates of $2.12 billion.

BP PLC NYSE: $BP

Reaction May 1, 9:56 AM EDT 44.91 ▲ 0.31 (0.70%)

Deepwater Liability Update

"We've reached the peak now for quarterly payments in terms of Macondo" and. The company's debt will "come down as the year progresses, quarter on quarter, especially given where prices are today."  CFO Gilvary said in a Bloomberg television interview on Tuesday

BP's cash flow from operations in the first quarter, excluding payments related to the spill, was $5.4 billion. The company paid out $1.6 billion on a pretax basis related to Deepwater Horizon, including a final $1.2 billion payment to the U.S. Department of Justice.

Payments are expected to be just over $3 billion in 2018, weighted to the first half of the year.

BP's gearing ratio of net debt to equity, was 28%, an increase from 27% in the fourth quarter of 2017, BP has worked through nearly all of the 390,000 legal claims stemming from the 2010 explosion, the bill for its remaining claims unexpectedly jumped late last year. BP was forced to take a surprise $1.7 billion charge to net income in the fourth quarter because the cases that did remain were among the largest and most complex.

Share Buyback

Spent $120 million buying 18 million shares in the first quarter

Other Oil Majors Q32017 Earnings Reports 

ExxonMobil $XOM Earnings Shrug Off Harvey With Robust Cashflow

Chevron $CVX Q3 Earnings Miss as U.S. Output Falls

ConocoPhillips $COP Earnings Beat But Lowers Capex

Live From The Pit 

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