FTSE 100 Live 11 February: BP results, blue-chip index seen lower

BP main enforcement Murray Auchincloss contiguous promised a caller absorption for the lipid elephantine up of a strategy update owed aboriginal this month.

Presenting the company’s yearly results, Auchincloss said: “We person been reshaping our portfolio - sanctioning caller large projects, and focusing our low-carbon concern - and we person made beardown advancement successful reducing costs.

“Building connected the actions taken successful the past 12 months, we present program to fundamentally reset our strategy and thrust further improvements successful performance, each successful work of increasing currency travel and returns.

“It volition beryllium a caller absorption for BP and we look guardant to sharing it astatine our superior markets update connected 26 February.”

As portion of the update, BP said it intends to reappraisal elements of its fiscal guidance including expectations for 2025 stock buybacks and superior expenditure.

It is readying different $1.75 cardinal stock buyback successful the archetypal quarter, portion it announced a dividend of 8 cents for the 4th quarter.

The interaction of little lipid prices and weaker refining margins meant BP posted an underlying replacement outgo nett of $1.17 cardinal for the last 4th of 2024.

This compared with the erstwhile year’s $3 cardinal and near the full for the twelvemonth sharply little astatine $8.9 billion.

IG Index futures amusement a diminution of astir 10 points, successful enactment with this morning’s downbeat performances by the Hang Seng scale and Shanghai Composite.

The Dow Jones Industrial Average roseate 0.4%, the S&P 500 lifted by 0.7% and the Nasdaq Composite precocious 1%.

The golden terms remains adjacent to a grounds precocious astatine $2916 an ounce, portion the lb is astatine $1.236. The FTSE 100 starts the league astatine 8767 aft rising 0.8% yesterday, with BP shares up 7% connected the backmost of stake gathering by an activistic investor.