NEW YORK, September 22, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on BP
p.l.c. (NYSE: BP). Select highlights from the internally
released reports are being made available to the general public
(included below), with access to the entirety of the research
available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/BP.pdf
Highlights from our BP Report include:
- Second Quarter Highlights - On July 28, 2015, BP announced its financial results
for the second quarter of 2015. For the second quarter, the Company
reported total revenues of $61.8
billion as compared to $95.8
billion in the year-ago quarter. BP recorded a net loss
attributable to its shareholders of $5.8
billion during the quarter or $31.83 per diluted share versus a net income of
$3.4 billion or $18.15 per diluted share in the prior year
period. Underlying replacement cost profit was $1.3 billion for the quarter compared to
$3.6 billion reported in the second
quarter of 2014, reflecting the impact of continued low oil and gas
prices, a reduced contribution from Rosneft, and one-off charges
arising from circumstances in Libya, partially offset by continuing strong
earnings from BP's downstream businesses and lower cash costs
throughout the Group.
- Segmental Results - The Company's Upstream
segment reported an underlying pre-tax replacement cost profit of
$0.5 billion for the quarter,
compared with $4.7 billion in 2Q
2014, primarily due to lower oil and gas prices and c. $600 million of exploration write-offs and other
costs related to BP's activities in Libya, primarily due to circumstances in the
country. The Downstream segment reported underlying pre-tax
replacement cost profit of $1.9
billion, compared with $0.7
billion in 2Q 2014, driven by good refining performance and
capture of improved margins, a higher contribution from supply and
trading and stronger earnings from both the lubricants and
petrochemicals businesses.
- Outlook - For the Upstream segment, the Company
expects Q3 2015 reported production to be broadly flat with Q2,
primarily reflecting the continuation of seasonal maintenance
activity consistent with the second-quarter activity levels, while
for the Downstream segment, reduced refining margins and lower
levels of turnaround activity are anticipated in Q3.
- Management Speak - Bob
Dudley, BP's Group Chief Executive, said, "The external
environment remains challenging, but BP moved quickly in response
and we continue to do so. Our work to increase efficiency and
reduce costs is embedding sustainable benefits throughout the Group
and we continue with capital discipline and divestments." He added,
"In the past few weeks oil prices have fallen back in response to
continued oversupply and market weakness and the recent agreements
regarding Iran. I am confident
that positioning BP for a period of weaker prices is the right
course to take, and will serve the company well for the
future."
To find out how this influences our rating on BP p.l.c. read the
full report in its entirety here:
http://www.aciassociation.com/BP.pdf
--
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