BP beats by $0.19, misses on revs; leaves dividend unchanged :
- Reports Q1 (Mar) earnings of $0.17 per share, $0.19 better than the Capital IQ Consensus of ($0.02); revenues fell 28.9% year/year to $38.51 bln vs the $39.59 bln two analyst estimate.
- Segment results
- BP's Downstream segment reported an underlying pre-tax replacement cost profit of $1.8 billion, compared with $1.2 billion for the previous quarter. Lower costs, strong refining operations and an improved supply and trading contribution more than offset the impact of the weaker refining environment and the seasonal reduction in fuels sales.
- BP's Upstream segment reported an underlying pre-tax replacement cost loss of $747 million for the quarter, broadly similar to the previous quarter's result. Lower costs, including the benefits of simplification programmes and lower exploration write-offs, largely offset the impact of lower oil and gas prices. BP reported $66 million as its estimated share of Rosneft earnings for the quarter4, compared with $235 million in the previous quarter.
- BP's overall production of oil and gas, including Rosneft4, was 3.5 million barrels of oil and gas equivalent a day. Excluding Rosneft, BP's Upstream production was 2.4 mmboe/d, 5.2% higher than a year earlier.
- Dividend: BP announced an unchanged dividend for the quarter of 10c per ordinary share, expected to be paid in June
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