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BP Tops Q1 Earnings Estimates on Higher Commodity Prices

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Earnings Beat: Headquartered in London, BP plc (BP - Free Report) reported first-quarter adjusted earnings of $1.92 per American Depositary Share (ADS) on a replacement cost basis. The bottom-line beat the Zacks Consensus Estimate of earnings of $1.41 per ADS.

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 the prior four quarters, the average surprise being 30.6%.

BP p.l.c. Price, Consensus and EPS Surprise

BP p.l.c. Price, Consensus and EPS Surprise

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

Revenues Miss: Revenues of $51,220 million missed the Zacks Consensus Estimate of $53,134 million.

Key Stats: Total production of 1,286 thousand barrels of oil equivalent per day (MBoe/d) declined from the year-ago quarter’s 1,309 MBoe/d.

The company sold liquids for $83.47 per barrel in the first quarter (versus $52.92 in the year-earlier quarter) and natural gas for $9.40 per thousand cubic feet (versus $4.11). Overall price realization increased to $76.64 per Boe from the year-ago level of $46.81.

Zacks Rank: Currently, BP carries a Zacks Rank #3 (Hold). 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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