FINWIRES — Financial News

US Markets3d ago

BP Cheers 'Strong' First-quarter Earnings as Iran War Leads to 'Exceptional' Oil Trading

BP (BP.L) clocked upbeat results for the first quarter on Tuesday, thanks to "significantly" higher realized margins and an "exceptional" contribution from oil trading as the ongoing Iran war keeps prices elevated.Profit attributable to shareholders for the three months ended March 31 surged year over year to $3.84 billion from $687 million. Adjusted for certain items, the underlying replacement cost profit reached $3.2 billion, up from $1.38 billion a year ago.Total revenue and other income increased annually to $53.37 billion from $47.88 billion, with the oil and gas giant touting a sequential improvement in upstream plant reliability to 95.7% from 95.4% in the previous quarter. Reported upstream production remained broadly stable as higher production in the Gulf of America and strong performance in bpx Energy offset the impact of disruptions in the Middle East.On the downstream side, BP's refining availability moved up to 96.3% in the first quarter of 2026 from 96% in the previous three months, exceeding the company's target of 96% availability."BP reported strong numbers this morning, with a 20% beat vs. market expectations at the net income level (7% ahead of RBCe)," RBC Capital Markets said. "Looking divisionally, the star of the show was the downstream, with BP reporting higher refining & trading numbers, well in excess of consensus and ~$200m ahead of our estimates for the quarter, supported by exceptional oil trading results."Against this backdrop, the board declared a higher interim dividend per ordinary share of $0.0832, compared with $0.08 in the prior-year period, payable June 26 to shareholders on record May 15. BP anticipates raising its dividend annually by at least 4% per ordinary share.Moving ahead, reported upstream production for the three months ending June 30 was guided lower on a quarterly basis owing to the ongoing conflict in the Middle East and seasonal maintenance, mainly in the Gulf of America. For full year 2026, reported upstream production is also expected to decline from the previous year.The company's stock rose over 2% in early morning trade.

$BP.L

Shin-Etsu Chemical's Net Income Falls 11% in Fiscal Year 2026

Shin-Etsu Chemical's (TYO:4063) net income attributable to owners of the parent fell by over 11% to 474.5 billion yen for the fiscal year 2026 from over 534 billion yen a year earlier.Japan's largest chemical company's net income per share declined to 252.49 yen from 269.28 yen a year ago, according to a Tokyo bourse filing on Tuesday.Net sales edged up 0.5% to 2.574 trillion yen for the full year ended March 31 from 2.561 trillion yen in the prior year.It declared a final dividend of 53 yen per share, payable from June 29.For the fiscal year 2027, the company has temporarily decided not to forecast business performance, including attributable profit, EPS, and net sales, due to difficulty in making reasonable predictions.

$TYO:4063

Commodities3d ago

Asia Biofuels Update: Malaysian Palm Oil Eases Further on Weaker Supply, Demand Fundamentals

Weaker supply and demand fundamentals pressured Malaysian palm oil on Tuesday, with futures slipping for a second straight session despite rising crude oil prices.The Bursa Malaysia Derivatives' May crude palm oil contract dropped 0.07% to 4,462 Malaysian ringgit ($1,129.33) per metric ton. The June contract eased 0.11% to 4,500 ringgit/mt in midday trade.Cargo surveyors reportedly estimated Malaysian palm oil shipments for the first 25 days of April to have declined between 15.7% and 16.8% from a month earlier. This followed a robust export demand in Q1, which posted a 29.1% year-over-year rise, according to the Malaysian Palm Oil Council.Improving production outlook following a seasonal low also weighed on sentiment.Nonetheless, Indonesia's plan to raise palm-oil based biodiesel blending to 50% from the current 40% will serve as a tailwind, as it will boost domestic consumption and reduce exportable supplies.However, sources cited by The Edge Malaysia said the target roll out of B50 by July faces challenges, including the war-driven shortage in methanol used in biodiesel production, and the high stocks of unsold byproducts in storage tanks.The higher biodiesel program, once implemented, could absorb an additional 3 million metric tons per year of palm oil, according to the MPOC.In terms of production, the US Department of Agriculture said in its annual oilseeds report that Indonesia's palm oil output may reach 48 million metric tons in the 2026/27 marketing year, a 3% increase from the previous year's 46.7 mmt.The government's move to seize illegal plantations and a possible drought related to the El Nino weather phenomenon pose supply risks."The probability of El Nino developing later in 2026 has risen significantly," Kpler said, with 93% chance of the weather phenomenon emerging in Q4, compared with 20% in Q2."Furthermore, the strength of the climate phenomenon could intensify, potentially increasing the likelihood of its weather and climatic influence," Kpler said.For this week, palm oil prices are expected to remain rangebound "with a slightly bearish bias" due to weak export demand and expectations of higher near-term supply, according to Phillip Capital."However, support may come from firmer crude oil prices and steady energy sector demand, which could help limit further downside," Phillip Capital said.Jim Teh, senior palm oil trader at Interband Group of Co., as cited by Bernama, projects palm oil prices to range from 4,200 ringgit/mt to 4,300 ringgit/mt this week due to profit taking, while the MPOC expects prices to approach 4,500 ringgit/mt in the near term.

Financial News · Live Terminal

BP Cheers 'Strong' First-quarter Earnings as Iran War Leads to 'Exceptional' Oil Trading

Shin-Etsu Chemical's Net Income Falls 11% in Fiscal Year 2026

BP Cheers 'Strong' First-quarter Earnings as Iran War Leads to 'Exceptional' Oil Trading

Shin-Etsu Chemical's Net Income Falls 11% in Fiscal Year 2026

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