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)
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