British oil giant BP plc reported its Q3 profits fell 29%, on energy trading losses, as well as decreases in production and refining margins. Nonetheless, its shares were up almost 2% in intraday trading in London (as of 11:55 AM BST) as it managed to top estimates on an adjusted basis. BP's net income fell to $4.41 billion, good for EPS of $0.23, versus EPS of $0.31 in the year-earlier period. BP's gas and power division swung to a $57 million loss on energy derivatives trading losses, versus a $152 million profit in the division a year ago. A spokesman for the company explained the trading losses: "The trading profits tend to fluctuate from quarter to quarter ... it's difficult to win every time." BP is currently in the middle of a major overhaul of its business (full summary). The earnings conference call is due to take place at 9 AM ET Tuesday (full transcript later today).
Commentary: Could BP Mean Big Potential? • BP Plans Major Shake-Up
Stocks/ETFs to watch: BP. Competitors: XOM, CVX, RDS.A. ETFs: DGT, ADRU, ADRD
Earnings call transcript: BP Q2 2007
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