Details
The energy company posted adjusted earnings of 60 cents per American depositary share, slightly topping the consensus estimate of 59 cents.
Total revenue rose to $47.38 billion from $45.75 billion in the same quarter last year, falling short of analyst projections of $49.36 billion.
The company reported a loss attributable to shareholders of $3.42 billion, versus a loss of $2.0 billion a year ago quarter.
Underlying replacement cost (RC) profit for the quarter totaled $1.54 billion, compared with $1.17 billion a year ago.
Operating cash flow was $7.60 billion, up from $7.43 billion in the prior year quarter.
Capital expenditures totaled $4.17 billion, and divestments and other proceeds were $3.6 billion.
BP ended the quarter with $22.2 billion in net debt.
Segment Performance
The Oil Production & Operations segment recorded replacement cost profit before interest and tax of $1.7 billion. After adjusting for $200 million in net adverse impact of adjusting items, the segment’s underlying profit fell to $2.0 billion. Results reflect lower realizations, production mix impact, and a lower share of net income of equity-accounted entities.
The Gas & Low Carbon Energy segment generated $2.2 billion in RC loss before interest and tax, reflecting lower realizations. After $3.6 billion in adjustments, the underlying profit reached $1.4 billion.
The Customers & Products segment posted $1.4 billion in RC profit ...
