BP Slashes Buybacks as Cash Flow Tumbles ...Middle East

BP (NYSE: BP) is reducing by $1 billion its quarterly share buyback program after reporting weaker-than-expected earnings, significantly lower cash flow, and rising net debt for the first quarter. The UK-based supermajor, which has been under intense pressure from activist investor Elliott to cut costs and boost share performance, reported today an underlying replacement cost (RC) profit – the closest metric to net profit – of $1.38 billion for the first quarter. That’s lower than a company-provided analyst consensus estimate of…

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