BP Dividend Cut Was Worse than Feared -- Earnings Review
04 Agosto 2020 - 12:58PM
Dow Jones News
By Jaime Llinares Taboada
BP PLC reported results for the second quarter today. Here's
what you need to know:
UNDERLYING REPLACEMENT COST LOSS: The U.K. oil giant booked an
underlying replacement cost loss--a figure similar to the
net-profit figure U.S. oil companies use but strips out one-off
items--of $6.68 billion in the second quarter, swinging from a
$2.81 billion profit a year earlier. The company-compiled market
consensus had forecast a $6.8 billion loss.
NET LOSS: The net loss came in at $16.85 billion compared with a
$1.82 billion profit for the same period of 2019. This was worse
than the consensus of $15.2 billion, taken from FactSet and based
on seven analysts' forecasts.
WHAT WE WATCHED:
-IMPAIRMENTS: Headline results were severely affected by noncash
impairments and write-offs of $10.9 billion, related to a downward
revision of long-term oil and gas price assumptions. This was lower
than previously anticipated by the company.
-DIVIDEND: BP halved its second quarter dividend to 5.25 cents a
share from 10.25 cents a year earlier. This was below the 7 cents
market consensus--taken from FactSet and based on seven brokers'
forecasts. Payments intend to remain fixed at this level as part of
its new strategy and will be supplemented by share buybacks, the
company said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 04, 2020 06:43 ET (10:43 GMT)
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