BP reports Q2 underlying EPS 90c, consensus 66c

Reports Q2 revenue $47.7B, consensus $40.43B. “This has been another strong quarter for bp (BP) operationally and strategically. We are delivering on our plan togrow the upstream and focus the downstream with reliability across both at greater than96%. So far this year we’ve brought five new oil and gas major projects onstream, sanctioned four more and made ten exploration discoveries, including the significant discovery in Bumerangue block in Brazil. Underlying earnings in our customers business are up around 50% compared to a year ago and trading has delivered well quarter-on- quarter during challenging conditions. Expected proceeds from completed or announced divestments have reached around $3B for the year and we have now delivered around $1.7B of structural cost reductions since the start of our programme. We have announced a dividend per ordinary share of 8.32c, an increase of 4%, and a further $750M share buyback for the second quarter. We remain fully focused on delivering safely and reliably, investing with discipline and driving performance improvement – all in service of growing cash flow, returns and long-term shareholder value. We are two quarters into a twelve-quarter plan and are laser-focused on delivery of our four key targets – and while we should be encouraged by our early progress, we know there’s much more to do. In advance of chair elect, Albert Manifold joining the board on 1 September, he and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward – allocating capital effectively. We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry. We reaffirm our commitment to ensure that there is an embedded process of continuous business improvement across our operations. This is all in service of accelerating the delivery of our strategy. bp can and will do better for its investors,” said CEO Murray Auchincloss.