BP reported a Q2 16 clean net income of $720m, 15% below the consensus. The reported cost loss was $2.2bn mainly due to the Macondo charge of $2.8bn. The upstream results came in negative at $100m, vs. a $1.2bn loss in Q1 16. Production came down by 1% to 2.090mbpd and should be lower in Q3 due to the seasonal turnaround and maintenance activities and the impact of the Gulf of Mexico. Downstream earnings were still significant at $1.4bn, down 20% yoy. Rosneft’s earnings contribution for
26 Jul 2016
First view: losing money below $45bbl; refining no longer helps in Q3
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First view: losing money below $45bbl; refining no longer helps in Q3
BP p.l.c. (BP:LON) | 496 14.4 0.6% | Mkt Cap: 83,799m
- Published:
26 Jul 2016 -
Author:
Alexandre Andlauer -
Pages:
2
BP reported a Q2 16 clean net income of $720m, 15% below the consensus. The reported cost loss was $2.2bn mainly due to the Macondo charge of $2.8bn. The upstream results came in negative at $100m, vs. a $1.2bn loss in Q1 16. Production came down by 1% to 2.090mbpd and should be lower in Q3 due to the seasonal turnaround and maintenance activities and the impact of the Gulf of Mexico. Downstream earnings were still significant at $1.4bn, down 20% yoy. Rosneft’s earnings contribution for