BP: beats quarterly expectations, but stock retreats
(CercleFinance.com) - Oil major BP has beaten expectations for its third quarter, thanks to the strength of its downstream division and Rosneft's results, while booking a 2.
6 billion dollar impairment charge.
The oil major reported underlying replacement cost profit for the third quarter of 2.3 billion dollars, compared to 3.8 billion dollars a year ago, due to lower prices, maintenance and weather impacts.
This was, still, 7% ahead of company-compiled consensus.
BP also said it booked a divestment-related, non-cash, non-operating post-tax charge of 2.6 billion dollars, which resulted in a reported loss of 700 million dollars for the quarter, BP said.
BP's stock fell by 0.9% in early morning trading, underperforming the broader European oil and gas sector.
"We believe that the market was looking for higher quarterly dividends, and a flat DPS announcement could come as a disappointment," said analysts at Berenberg.
Note that a dividend of 10.25 cents per share was announced for the quarter. BP also said that a scrip dividend alternative had been suspended for the third quarter.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
6 billion dollar impairment charge.
The oil major reported underlying replacement cost profit for the third quarter of 2.3 billion dollars, compared to 3.8 billion dollars a year ago, due to lower prices, maintenance and weather impacts.
This was, still, 7% ahead of company-compiled consensus.
BP also said it booked a divestment-related, non-cash, non-operating post-tax charge of 2.6 billion dollars, which resulted in a reported loss of 700 million dollars for the quarter, BP said.
BP's stock fell by 0.9% in early morning trading, underperforming the broader European oil and gas sector.
"We believe that the market was looking for higher quarterly dividends, and a flat DPS announcement could come as a disappointment," said analysts at Berenberg.
Note that a dividend of 10.25 cents per share was announced for the quarter. BP also said that a scrip dividend alternative had been suspended for the third quarter.
Copyright (c) 2019 CercleFinance.com. All rights reserved.