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BP Misses on Q2 Earnings, Revenue Falls

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London, England-based BP plc (BP - Free Report) is one of the world's major energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. The Upstream business is focused mainly in the U.S., with significant presence in the Caribbean, Africa, Europe, the Middle East and Asia-Pacific. The downstream business consists primarily of U.S. refineries, along with presence in Europe, Asia-Pacific and Africa. The company also produces a range of petrochemicals. BP also owns a 19.8% stake in Russian oil company Rosneft.

Currently, BP has a Zacks Rank #2 (Buy) but that could change following its second quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has a mixed track record regarding earnings surprises.

We have highlighted some of the key quarterly details from the just-released announcement below:
 

BP PLC Price and EPS Surprise

BP PLC Price and EPS Surprise | BP PLC Quote

Earnings: BP misses on earnings. Earnings per ADS came in at 23 cents, lower than the Zacks Consensus Estimate of 26 cents.

Revenue: Revenues fell year-over-year. Revenues of $47,276 million were lower than the year-ago figure of $63,205 million.

Key Stats: Total production of 2.090 million barrels of oil equivalent per day (MMBoe/d) was down 1.0% year over year.

The company sold liquids for $44.99 per barrel in the second quarter (versus $56.69 in the year-earlier quarter) and natural gas for $2.66 per thousand cubic feet (versus $3.80). Overall price realization fell to $30.63 per Boe from the year-ago level of $40.04 per Boe.

Refining Marker Margin decreased to $13.8 per barrel from $19.4 in the second quarter of 2015. Total refinery throughput decreased to 1,704 thousand barrels per day (MB/d) from 1,656 MB/d in the year-earlier period. Refining availability was 95.7% versus 94.0% in the year-ago period.

 

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

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