BP's 3Q Earnings Soar on Higher Oil Prices, Outlook Remains Positive; Shares Undervalued
The combination of BP's reduced cost base and the rise in oil and gas prices during the third quarter led to a doubling in earnings to $3.8 billion from $1.9 billion a year ago.Despite the increase in earnings, operating cash flow excluding Gulf of Mexico payments was flat at $6.6 billion because of a buildup in working capital. Year to date, operating cash flow totals $19.0 billion compared with $17.9 billion during the same period last year. Importantly, capital spending is running below las...
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