1126 GMT - BP has taken the right calls for the longer term but its strategic update might not immediately please investors, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The updated strategy and guidance looks in line with expectations given BP had been giving hints about a change in direction over recent months, the analysts write. However, the cut to capital expenditure was less than many investors had expected and over the near term shareholder returns are now lower than peers, they add. The analysts continue to see a better 'risk-reward' profile elsewhere in the sector, they add. BP shares trade down 0.9% at 432.90 pence. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
February 26, 2025 06:27 ET (11:27 GMT)
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