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2019-10-30 09:20:00

BP PROFIT $2.3 BLN

BP PROFIT $2.3 BLN

BPBP p.l.c. Group results Third quarter and nine months 2019

Highlights Continued strong operating cash flow and strategic delivery

• Financial results

– 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.

– A dividend of 10.25 cents per share was announced for the quarter. Scrip dividend alternative suspended for the third quarter. 

• Upstream operations impacted by maintenance and weather, Downstream strong 

– 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.

• Divestments ahead of schedule, Downstream expansion in fast-growing markets 

– Following the agreement to sell all BP’s interests in Alaska to Hilcorp Energy, divestment transactions announced in 2019 totalled $7.2 billion at the end of the third quarter. BP expects this to reach around $10 billion by year end.

– In the Downstream, BP continued its strategic delivery in new markets, announcing joint ventures in fuels marketing in India and electric vehicle charging in China.

– In the quarter BP announced that it will deploy continuous measurement of methane emissions on all its future major operated oil and gas processing projects.

BP financial results third quarter 2019

 

Full PDF version

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Earlier:

 

BP: BOB DUDLEY STEP DOWN AS CEO
2019, October, 4, 09:40:00
BP: BOB DUDLEY STEP DOWN AS CEO
The Board of BP announced that, after a 40-year career with BP and over nine years as group chief executive, Bob Dudley, 64, has decided to step down as group chief executive and from the BP Board following delivery of the company’s 2019 full year results on 4 February 2020 and will retire on 31 March 2020.
 
 BP SELLS ALASKA FOR $5.6 BLN
2019, August, 28, 12:10:00
BP SELLS ALASKA FOR $5.6 BLN
BP announced that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion.
 
 BP, RELIANCE IN INDIA
2019, August, 7, 11:50:00
BP, RELIANCE IN INDIA
BP and Reliance Industries Limited (RIL) announced that they have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance's existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country's fast-growing demand for energy and mobility.
 
BP PROFIT $2.8 BLN
2019, July, 30, 11:05:00
BP PROFIT $2.8 BLN
Strong financial results – Underlying replacement cost profit for the second quarter of 2019 was $2.8 billion, similar to a year earlier. The quarter’s result largely reflected continued good operating performance, offset by oil prices lower than in the second quarter of 2018. – Non-operating items in the second quarter of $0.9 billion, post-tax, related mainly to impairment charges. – Operating cash flow, excluding Gulf of Mexico oil spill payments, was $8.2 billion for the second quarter, including a $1.5-billion working capital release (after adjusting for net inventory holding gains), and $14.2 billion for the first half, including a $0.5-billion working capital release. – Gulf of Mexico oil spill payments of $1.4 billion on a post-tax basis in the second quarter were primarily the scheduled annual payments. – A dividend of 10.25 cents a share was announced for the quarter.

 

 

Tags: BP