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BP Q1 Earnings and Revenues Miss Estimates

Zacks Equity Research

Earnings Miss: Headquartered in London, BP plc BP reported first-quarter adjusted earnings of 24 cents per American Depositary Share (ADS) on a replacement cost basis. The bottom-line missed the Zacks Consensus Estimate of 28 cents.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has been revised upward in the past seven days.

BP has an impressive earnings surprise history. The company managed to beat the Zacks Consensus Estimate in all the past four quarters, the average positive earnings surprise being 12.7%.

BP p.l.c. Price and EPS Surprise

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

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

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Revenues Miss: Revenues of $59,540 million missed the Zacks Consensus Estimate of $64,430 million.

Key Stats: Total production of 2.579 million barrels of oil equivalent per day (MMBoe/d) was lower than the year-earlier quarter level of 2.656 MMBoe/d.

The company sold liquids for $47.47 per barrel in the first quarter (versus $56.47 in the year-earlier quarter) and natural gas for $2.83 per thousand cubic feet (versus $4.02). Overall price realization decreased to $31.80 per Boe from the year-ago level of $39.37.              

Zacks Rank: Currently, BP has a Zacks Rank #3 (Hold) but that could change following its first-quarter 2020 report which has just released. You can see the complete list of today’s Zacks #1 Rank stocks here.

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

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