0927 GMT - BP's higher-than-expected tax rate in its first quarter will drag on the energy major's net income, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The analysts cut their quarterly net income estimate to $1.46 billion from $1.82 billion after BP said it expects a 50% tax rate over the period. RBC had expected a 41% tax rate, they write. Refining and trading earnings before interest and tax are now seen at a $43 million loss from a $257 million profit, they say. Shares trade down 2% at 334.45 pence.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
April 11, 2025 05:27 ET (09:27 GMT)
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