0734 GMT - BP's first-quarter business update should result in a 10%-15% hit to consensus earnings expectations due to higher-than-expected quarterly tax rate, Jefferies analysts Giacomo Romeo and Kai Ye Loh write. BP said Friday it expects its underlying effective tax rate to be around 50%. Investors are also unlikely to view the $4 billion increase in debt favorably, they write. Market watchers had expected a $2.2 billion increase in net debt, they add. The increases is largely due to an around $2 billon working capital increase, which should reverse in the following quarters and around $600 million from the Bunge acquisition, they write. Shares trade down 2.3% at 333.6 pence. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
April 11, 2025 03:34 ET (07:34 GMT)
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