0903 GMT - BP's higher tax rate will drag on its first-quarter earnings, Jefferies analysts Giacomo Romeo and Kai Ye Loh write as they lower their earnings expectations. They cut their estimate for replacement cost net income by 6% to $1.68 billion and their replacement cost EBIT estimate by 1% to $4.57 billion. The British energy major said last week that it now expects a 50% tax rate, above the 43% market watchers had expected. Its post-earnings conference call is expected to focus on buyback sustainability when oil is priced around $60 a barrel and capital expenditure flexibility during a low oil-price environment and divestments, they write. Shares trade up 1.4% at 345.85 pence.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
April 15, 2025 05:03 ET (09:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.