CEO Murray Auchincloss highlighted strong execution in BP’s upstream segment, including five new projects and a noteworthy discovery in Brazil’s Santos Basin.
BP Plc (BP) stock was in the spotlight on Tuesday after CEO Murray Auchincloss highlighted the company’s strong performance in recent projects and announced a major discovery in Brazil.
The renewed focus comes as BP tries to regain investor trust following years of underperformance and amid swirling takeover rumors.
In an interview with CNBC on Tuesday, Auchincloss highlighted strong execution in BP’s upstream segment, including five new projects and a noteworthy discovery in Brazil’s Santos Basin. BP stock traded over 1% higher in Tuesday’s premarket. On Stocktwits, retail sentiment toward the stock remained in ‘bullish’ territory while message volume shifted to ‘high’ from ‘normal’ levels in 24 hours.
The stock saw a 2,100% surge in user message count in 24 hours. A bullish Stocktwits user said the stock is ‘hard to ignore’.
Another user highlighted the company’s dividend hike.
Auchincloss called the exploration results ‘tremendous’ and noted that the company is currently evaluating the Bumerangue block, located over 400 kilometers off the coast of Rio de Janeiro. BP’s underlying replacement cost profit, a commonly used indicator of net income, came in at $2.35 billion for the second quarter (Q2), comfortably ahead of consensus expectations of $1.81 billion, according to CNBC.
The oil giant also raised its dividend to $0.0832 per share and confirmed it will continue its $750 million buyback program for the quarter. Amid its turnaround efforts, BP continues to face takeover speculation. Energy giants such as Exxon Mobil Corp. (XOM), Chevron Corp.(CVX), and the UAE’s ADNOC have been floated as possible acquirers.
BP stock has gained over 9% year-to-date and has lost over 1% in the last 12 months.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<