BP Q2 Earnings and Revenues Miss Estimates on Low Oil Prices

Earnings Miss: Headquartered in London, BP plc BP reported second-quarter adjusted loss of $1.98 per American Depositary Share (ADS) on a replacement cost basis. The bottom-line is wider than the Zacks Consensus Estimate of a loss of 99 cents.  

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has witnessed no upward and downward movements in the past seven days.

BP has an impressive earnings surprise history. The company managed to beat the Zacks Consensus Estimate in three of the past four quarters and miss once, the average positive earnings surprise being 8.4%.

BP plc Price and EPS Surprise

BP p.l.c. Price and EPS Surprise

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

Revenues Miss: Revenues of $31,190 million missed the Zacks Consensus Estimate of $42,230 million.

Key Stats: Total production of 2,525 thousand barrels of oil equivalent per day (MBoe/d) was lower than the year-earlier quarter level of 2,625 MMBoe/d.

The company sold liquids for $22.75 per barrel in the second quarter (versus $62.63 in the year-earlier quarter) and natural gas for $2.53 per thousand cubic feet (versus $3.35). Overall price realization decreased to $19.06 per Boe from the year-ago level of $40.64.                 

Zacks Rank: Currently, BP has 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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