-=BP p.l.c. (BP) reported earnings on Tue 29 Oct 19 (b/o)

BP beats by $0.02, beats on revs

Reports Q3 (Sep) earnings of $0.11 per share, $0.02 better than the S&P Capital IQ Consensus of $0.09; revenues fell 14.1% year/year to $68.29 bln vs the $66.87 bln two analyst estimate.

• Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier. The result was impacted by significantly lower.
• Upstream earnings, resulting from lower prices, maintenance and weather impacts.
• A divestment-related, non-cash, non-operating after-tax charge of $2.6 billion resulted in a reported loss for the quarter of $0.7 billion.
• Operating cash flow, excluding Gulf of Mexico oil spill payments, was $6.5 billion for the quarter, including a $0.1 billion working capital release (after adjusting for net inventory holding losses). Gulf of Mexico oil spill payments were $0.4 billion on a post-tax basis.

Reported oil and gas production for the quarter averaged 3.7 million barrels of oil equivalent a day, compared to 3.6 million barrels of oil equivalent a day a year earlier.

• Underlying Upstream production, excluding Rosneft, was down 2.5% from a year earlier, reflecting maintenance across a number of regions and weather impacts in the US Gulf of Mexico.
• The Downstream delivered strong operations with overall 96% Solomon availability for the quarter, and record crude was processed at the Whiting and Cherry Point refineries in the US.