Financial Performance - BP reported third-quarter 2024 adjusted earnings of 83 cents per American Depositary Share, exceeding the Zacks Consensus Estimate of 78 cents, but down from $1.15 a year ago [1] - Total quarterly revenues were $48.3 billion, below the Zacks Consensus Estimate of $62.5 billion and down from $54 billion reported a year ago [1] Operational Performance - BP's total production for the third quarter was 1,488 thousand barrels of oil equivalent per day (Mboe/d), an increase from 1,382 Mboe/d in the year-ago quarter and above the estimate of 1,369.1 Mboe/d [4] - The company sold liquids at $70.22 per barrel, down from $71.10 a year ago, and below the estimate of $71.69 [4] - Natural gas was sold at $2.25 per thousand cubic feet, down from $3.44 a year ago and missing the estimate of $2.53 [5] - Overall hydrocarbon price realization decreased to $53.65 per Boe from $56.76 year over year, also lagging the estimate of $60.47 [5] Segment Performance - Underlying replacement cost earnings before interest and tax for the oil segment were $2.8 billion, down from $3.1 billion a year ago but above the estimate of $2.7 billion [6] - Gas & Low Carbon Energy segment profits totaled $1.8 billion, up from $1.3 billion year-over-year, exceeding the projection of $1.1 billion [7] - Customers & Products segment earnings before interest and tax were $381 million, significantly down from $2.1 billion a year ago and below the projection of $1.8 billion [8] Capital Expenditure and Financials - Organic capital expenditure for the quarter was $4.3 billion, with total capital spending at $4.5 billion [11] - BP's net debt stood at $24.3 billion at the end of the third quarter, with a gearing of 23.3% [12] Outlook - BP expects upstream production for the fourth quarter of 2024 to be lower than the third quarter, but anticipates both reported and underlying upstream production for 2024 to exceed the previous year's figures [13] - The company has allocated a capital expenditure budget of $16 billion for 2024, with plans for even distribution between the first and second halves of the year [14] - BP aims to generate over $3 billion from divestments and other financial transactions in 2024, as part of a broader goal to achieve $25 billion in divestments from the second half of 2020 through 2025 [14]
BP's Q3 Earnings Top Estimates Over Higher Liquids Production