BP beats by $0.05, beats on revs
- Reports Q3 (Sep) earnings of $0.19 per share, $0.05 better than the S&P Capital IQ Consensus of $0.14; revenues rose 32.4% year/year to $79.47 bln vs the $75.31 bln two analyst estimate.
- Underlying replacement cost profit for the third quarter of 2018 was $3.8 billion, more than double a year earlier and the highest quarterly result in more than five years, including significant earnings growth from the Upstream and Rosneft.
- Operating cash flow excluding Gulf of Mexico oil spill payments for the quarter was $6.6 billion, including a $0.7 billion working capital build (after adjusting for inventory holding gains.)
- Upstream - Upstream production, which excludes Rosneft, was 2,460mboe/d for the third quarter, flat with last year. Adjusted for portfolio
and PSA impacts, underlying production* was 6.8% higher, driven by continued ramp-up of production from major projects. - Downstream - In manufacturing, refining and petrochemicals operations have both been strong in the quarter. Refining availability was 96.3%, the highest in 15 years. In marketing, BP's convenience partnership model has now been rolled out to around 1,300 sites across our network worldwide, and more than 370 BP-branded retail sites are now open in Mexico.
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