BP ( NYSE:BP )
Despite posting Q3 numbers that blew away market expectations , BP ( NYSE:BP ) shares are trading sideways on Tuesday. This is the case even though the company’s adjusted net income of $8.15B was higher than the $6.1B analyst average.
Due in large part to accounting adjustments necessitated by changes in forward gas prices, an indication of the unpredictable global gas markets and their influence on the energy sector, BP (BP) actually recorded a $2.2B net loss for the quarter, down from a $9.2B net profit in Q2.
Because of the increased volatility, BP’s (BP) major trading operation contributed an additional $6.24 billion to the company’s bottom line in the third quarter of 2015, more than double the $3 billion profit it posted in the second quarter.
RBC analyst Biraj Borkhataria said, “the extraordinary gas trading outcome is especially noteworthy considering the Freeport LNG outage.” Borkhataria alluded to the fire that shut down the Texas liquefied natural gas facility in June.
BP stock announced plans for a $2.5B share buyback before reporting its Q4 results. The board maintained its commitment to allocating 60% of FY 2022 excess cash flow to buybacks.
Click here to read the full article on PressReach.com .
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube