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BP’s Q1 Earnings Results Surpass Analysts’ Estimates

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BP’s first-quarter performance

BP (BP) reported its first-quarter earnings results on April 30. Its first-quarter revenue stood at $66.3 billion, surpassing Wall Street analysts’ estimate by ~9%.

Its first-quarter adjusted EPS (earnings per American depositary share) stood at $0.70, which exceeded analysts’ estimate of $0.67 by ~4%. However, BP’s adjusted EPS fell 10% YoY (year-over-year) in the first quarter.

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BP’s first-quarter earnings review

BP’s adjusted earnings fell 8.8% YoY to $2.4 billion in the first quarter of 2019 due to falls in its adjusted Upstream and Downstream earnings partly offset by a rise in its adjusted Rosneft earnings YoY in the quarter.

BP’s Upstream adjusted EBIT fell 7% YoY to $2.9 billion in the first quarter of 2019 due to lower realizations partly offset by higher volumes. BP’s hydrocarbon production increased 2.0% YoY to 2.66 million barrels of oil equivalent per day in the first quarter.

BP’s Downstream earnings fell 5% YoY to $1.7 billion in the first quarter of 2019 due to a lower refining margin impacted by lower North American oil spreads. However, BP’s adjusted EBIT in its Rosneft segment rose 130% YoY to $0.6 billion in the first quarter.

Peers’ performances

BP’s peers ExxonMobil’s (XOM) and Chevron’s (CVX) adjusted EPS fell 50% YoY and 27% YoY, respectively, in the first quarter. Total’s (TOT) adjusted EPS stood at $1.02, 6% lower than its adjusted EPS in the first quarter of 2018.

Royal Dutch Shell (RDS.A) and Petrobras (PBR) are expected to post YoY falls of 18% and 31% in their EPS, respectively, in the first quarter.

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