Tue, Jul. 28, 8:53 AM
- BP +2.2% premarket as CEO Bob Dudley says sharp reductions to capital spending and other cost-cutting plans would put the company in a stronger position to withstand a sustained period of sharply lower prices.
- BP's Q2 profit adjusted for one-time items and inventory changes fell 64% Y/Y to $1.3B, missing the $1.7B analyst consensus estimate; the net result, which included a $10.8B charge for liabilities related to the 2010 Gulf of Mexico oil spill, was a $6.3B loss.
- An unexpected $600M charge related to a halt in Libyan operations was the main reason BP’s earnings fell short; “the miss is primarily because of the Libyan charge,” says Jefferies' Jason Gammel. “BP is restructuring costs, and that’s working out well for them as oil continues to be lower.”
- Q2 profit from the downstream business, which includes refining and trading, totaled $1.9B, up from $733M a year ago but lower than the $2.2B in Q1, as the contribution from oil trading returned to “average levels” after a big Q1 boost.
- Q2 production totaled 2.11M boe/day, up 0.3% Y/Y, but underlying production fell 1.7%, mainly due to increased seasonal turnaround activity partly offset by the ramp-up of major projects which started up in 2014; H1 production was 2.21M boe/day, up 4.3% Y/Y, while underlying production rose 1%.
Tue, Jul. 28, 4:00 AM
- BP (NYSE:BP) swung to a loss in the second quarter, as earnings got whacked by lower oil prices and a $9.8B pretax charge related to its 2010 Gulf of Mexico spill.
- Underlying replacement cost profit, the company's definition of net income, was $1.3B vs. $3.6B a year ago, and lower than analyst expectations of $1.64B.
- BP also slashed its expected full-year organic capital expenditure to below $20B after cutting it by 13% earlier this year.
Mon, Jul. 27, 5:30 PM
- AGCO, AHGP, AIXG, AKS, ALLY, AMG, ARG, ARLP, ARW, AUDC, AUO, AXE, BP, BTU, CIT, CMI, CNC, CNX, COMM, CPLA, CRY, CVLT, CYNO, DD, DHI, DHX, ECL, F, FBC, FCH, FDP, FMER, FSS, GLW, GPN, GRUB, ICLR, IPGP, IPI, IR, JBLU, JEC, KEM, LH, LPT, LYB, MAS, MMC, MRK, MZOR, NCI, NLSN, NOV, NTLS, OAK, OFC, PCAR, PCH, PCP, PFE, POR, RAI, RDWR, SALT, SIR, SIRI, ST, SVU, TXT, UPS, UTHR, WAT, WDR, WYN
Tue, Apr. 28, 3:32 AM
- Due to the dramatic fall in oil prices, BP (NYSE:BP) posted a sharp drop in first-quarter profit, but the results beat analyst estimates due to a larger than expected increase in refining revenue.
- Underlying replacement cost profit - which takes into account the fluctuations in the price of oil - came in at $2.58B, down from $3.22B a year earlier, but above the $2.24B reported last quarter.
- Production for the period was 8.3% higher than the first quarter of 2014 at 2.31B barrels of oil equivalent a day.
- BP +2.7% premarket
Mon, Apr. 27, 5:30 PM
- AET, AGCO, AIXG, AKS, ALLY, AMG, AUDC, AUO, AXE, BMY, BP, BSX, CARB, CAS, CBR, CIT, CMI, CNC, CNX, COH, CPLA, CRY, DFRG, DORM, ECL, ENTG, ETR, F, FBC, FDP, FLWS, FMER, GAS, GLW, GPI, HMC, HSP, ICLR, IDXX, IIVI, IPGP, IPI, JBLU, JEC, LRN, LXK, MAS, MDXG, MHFI, MRGE, MRK, NCI, NEO, NOV, OFC, OSK, PAG, PFE, PH, PHG, POR, SALT, SC, SIR, SIRI, ST, SVU, TMUS, TXT, UBSI, UPS, UTHR, VDSI, VLO, WAT, WDR, WHR, WWW, WYN, XRS, YNDX
Tue, Feb. 3, 4:45 AM
- BP (NYSE:BP) reported a replacement-cost loss of $969M for the fourth quarter of 2014, after taking a $3.6B impairment charge related to its upstream assets and cutting spending due to low oil prices.
- On an underlying basis, replacement cost profit came in above expectations at $2.2B (due to unexpected profit at the company's Rosneft (OTC:RNFTF) stake), sending up shares as much as 3% premarket.
- BP also announced it would cut capex to $20B in 2015 from $22.9B in 2014.
- "We have now entered a new and challenging phase of low oil prices through the near and medium term," said CEO Bob Dudley. "Our focus must now be on resetting BP."
Mon, Feb. 2, 5:30 PM
Oct. 27, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Jul. 29, 2014, 3:46 AM
- BP's (NYSE:BP) Q2 underlying replacement cost profit, which is equivalent to net profit and strips out inventory gains or losses - rose to $3.64B from $2.71B a year earlier.
- Revenue rose to $93.96B from $94.71B a year earlier.
- The upstream division's underlying pretax replacement cost profit increased to $4.65B from $4.29B, reflecting benefits of higher production in key regions and higher oil and gas realizations, partly offset by the impact of divestments and higher non-cash costs.
- Production fell 6% to 2.1M barrels of oil a day and BP warned that output would fall in Q3 due to turnaround and seasonal maintenance activities.
- “This was another successful quarter, delivering both operational progress and robust cash flow. We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency,” BP said.
- Press Release
Jul. 28, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Apr. 29, 2014, 3:22 AM
- BP's (BP) Q1 underlying replacement-cost profit, which is equivalent to net profit and strips out inventory gains or losses, dropped to $3.23B from $4.22B a year earlier.
- Revenue declined to $91.71B from $94.11B.
- Production fell 8.5% to 2.13M barrels of oil a day and BP warned that output would fall in Q2 from Q1, mainly due to major maintenance.
- Actual net profit dropped to $3.53B from $16.86B in Q1 2013, when BP was boosted by a $12.5B gain from the sale of its holding in TNK-BP.
- The upstream division's underlying pretax replacement cost profit fell to $4.4B from $5.7B, dragged down by asset sales and a charge of $521M. At the downstream operations, profit tumbled to $1B from $1.6B amid a weaker refining environment.
- Despite the fall in earnings, BP raised its Q1 dividend to 9.75 cents a share from 9 cents last year. (PR)
Apr. 28, 2014, 5:30 PM
- ABB, AGCO, AIXG, ALR, AMG, ARRY, AXE, BMY, BP, BSX, CARB, CCJ, CHKP, CIT, CMI, CNX, COH, CPLA, CRY, DBD, DDD, DORM, ESV, ETN, FDP, FLWS, FRX, GAS, GEO, GLT, GT, GTLS, HCA, HCBK, HRS, HUN, HW, IPGP, IRWD, KLIC, LG, LKQ, LRN, LYB, MGI, MGLN, MGM, MHFI, MLM, MRK, NMM, NOK, OSK, PCAR, PES, PH, POR, RESI, ROK, RTRX, RYN, S, SAVE, SCOR, SLAB, ST, TRW, UBSI, UDR, UTHR, VAC, VLO, WAT, WDR, WRLD, WWW, XYL.
Feb. 4, 2014, 2:58 AM
- BP's (BP) Q4 underlying replacement cost profit - which strips out the effect of oil-price movements - dropped to $2.8B from $3.9B a year earlier but met analyst forecasts.
- Underlying pretax replacement cost profit at BP's upstream segment fell to $3.9B from $4.4B.
- The decline in profits was mainly due to asset sales, weaker refining margins, and higher depreciation and exploration write-downs.
- Production excluding Russia -1.9% to 2.25M barrels of oil equivalent a day, although underlying output rose 3.7%. BP expects the latter metric to rise this year but overall output to fall.
- The refining marker margin slumped to $11 a barrel from $18.7 a year earlier.
- The provision to cover the Deepwater Horizon oil spill rose slightly to $42.7B from $42.5B.
- Net debt $25.2B vs $27.5B.
- "The result benefited from higher underlying production and a one-off credit to production taxes," BP said. (PR)
Feb. 4, 2014, 12:05 AM
Feb. 3, 2014, 5:30 PM
Oct. 31, 2013, 11:24 AM
- In contrast with BP's (BP +0.2%) dividend hike and promise of asset sales earlier this week, Royal Dutch Shell's (RDS.A -4.5%) Q3 results show it has little wiggle room to dole out more shareholder goodies, WSJ's Helen Thomas writes.
- Shell is set to generate operating cash flow of $40B-$45B this year, which may not cover its $42B outlay in net capital investment let alone $13B in cash dividends and share buybacks; annual cash flow needs to approach $50B in the next two years to assure its $175B-$200B target for cash generation during 2012-15.
- Shell's best chance of improving its valuation is asset sales, Thomas writes; its ability to wrap up quick sales at decent prices will be the test of its willingness to make tough decisions about where to invest its capital.
BP vs. ETF Alternatives
BP PLC provides energy products and services. The company explores for oil and natural gas and also engages in supply and trading of crude oil, petroleum, petrochemicals products and related services.
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