$BP BP +1.5% as Q2 results show company's recov
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Posted On: 07/31/2018 10:43:00 AM
$BP
BP +1.5% as Q2 results show company's recovery continuing
BP +1.5% premarket after reporting surging Q2 earnings that edged past analyst consensus estimates, helped by higher oil prices, and its first dividend increase in nearly four years.
BP says its Q2 underlying replacement cost profit, the company's definition of net income, rose to $2.8B, topping forecasts of $2.7B and 4x higher than in the same period last year, according to Reuters.
BP's upstream business reported its strongest quarter since Q3 2014 on both a replacement cost and underlying basis; with production rising 1.4% to 3.6M boe/day; downstream reported strong refining performance, with record levels of crude processed at the Whiting refinery in the U.S.
Gearing, the ratio between debt and BP’s market value, continued to slide to 27.8 % at the end of the quarter from 28.1% at the end of Q1, and net debt was $39.3B at the end of Q2 vs. $40B at the end of Q1.
"We changed our strategic direction six quarters ago, this is the sixth quarter in a row we've been at or above expectations," CEO Bob Dudley tells CNBC. "The company's got momentum, it feels good."
Earlier: BHP Billiton to exit onshore U.S. shale in $10.5B deal with BP (July 26)
BP +1.5% as Q2 results show company's recovery continuing
BP +1.5% premarket after reporting surging Q2 earnings that edged past analyst consensus estimates, helped by higher oil prices, and its first dividend increase in nearly four years.
BP says its Q2 underlying replacement cost profit, the company's definition of net income, rose to $2.8B, topping forecasts of $2.7B and 4x higher than in the same period last year, according to Reuters.
BP's upstream business reported its strongest quarter since Q3 2014 on both a replacement cost and underlying basis; with production rising 1.4% to 3.6M boe/day; downstream reported strong refining performance, with record levels of crude processed at the Whiting refinery in the U.S.
Gearing, the ratio between debt and BP’s market value, continued to slide to 27.8 % at the end of the quarter from 28.1% at the end of Q1, and net debt was $39.3B at the end of Q2 vs. $40B at the end of Q1.
"We changed our strategic direction six quarters ago, this is the sixth quarter in a row we've been at or above expectations," CEO Bob Dudley tells CNBC. "The company's got momentum, it feels good."
Earlier: BHP Billiton to exit onshore U.S. shale in $10.5B deal with BP (July 26)
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