BP 2Q Earnings Flat as Production Offsets Lower Oil Prices
July 30 2019 - 2:57AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) on Tuesday reported flat second-quarter earnings
as a 4% rise in oil-and-gas production offset the negative effects
of lower oil prices.
The London-headquartered integrated energy company posted a
replacement cost profit--a metric similar to the net income figure
that U.S. oil companies report--of $1.78 billion for the three
months ended June 30, compared with $1.79 billion in the
year-earlier period.
Stripping out one-off items, BP's underlying replacement cost
profit--the company's preferred metric--came in at $2.81 billion,
close to the $2.82 billion in the year-earlier period. A
company-compiled consensus of 20 brokers' estimates had forecast
the company's second-quarter underlying replacement cost profit at
$2.46 billion.
Total revenue for the second quarter of the year came in at
$73.75 billion, down 4.1% on the year-earlier period, BP said. Net
profit came in down 35% at $1.82 billion.
BP said its upstream and downstream divisions performed strongly
in the second quarter. Production rose 4% to 3.8 million barrels of
oil equivalent a day. Underlying replacement cost profit before
interest and tax in the company's upstream business--the part of BP
which produces oil and gas--fell slightly to $3.41 billion, from
$3.51 billion in the year-earlier period.
Operating cash flow excluding payments related to the Deepwater
Horizon oil spill in 2010 came in at $8.2 billion, while net debt
rose to $46.5 billion, BP said. The company paid $1.4 billion in
connection to the oil spill, which took place in the Gulf of
Mexico.
The company maintained its quarterly dividend at 10.25 cents a
share.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
July 30, 2019 02:42 ET (06:42 GMT)
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