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BP Tops Q3 Earnings Estimates on Higher Commodity Prices

Higher liquid price aids BP's Q3 earnings.

This story originally appeared on Zacks

Earnings Beat: Headquartered in London, BP plc BP reported third-quarter adjusted earnings of 99 cents per American Depositary Share (ADS) on a replacement cost basis. The bottom-line beat the Zacks Consensus Estimate of earnings of 96 cents per ADS.

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BP p.l.c. Price and EPS Surprise

BP p.l.c. Price and EPS Surprise

BP p.l.c. price-eps-surprise | BP p.l.c. Quote

Estimate Revision Trend & Surprise History: The Zacks Consensus Estimate of earnings for the quarter has witnessed three upward revisions in the past 30 days.

The British energy giant beat the consensus estimate for bottom lines in three of the prior four quarters, the average surprise being 43.4%.

Revenues Miss: Revenues of $37,867 million missed the Zacks Consensus Estimate of $39,233 million.

Key Stats: Total production of 1,313 thousand barrels of oil equivalent per day (MBoe/d) was lower than the year-earlier quarter level of 1,402 MBoe/d.

The company sold liquids for $65.53 per barrel in the third quarter (versus $38.21 in the year-earlier quarter) and natural gas for $5.61 per thousand cubic feet (versus $1.42). Overall price realization increased to $57.72 per Boe from the year-ago level of $31.21.                 

Zacks Rank: Currently, BP sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back for our full write up on the BP earnings report later!

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