BP Earnings Slip, but Better Than Expected, While Cash Flow Generation Continues to Improve
BP reported a decline in second-quarter earnings, an outlier from peers who have already reported strong year-over-year gains, but results were stronger than consensus estimates, sending shares higher. Cash flow generation, excluding the impact of Gulf of Mexico payments, improved from the first quarter and was sufficient to cover capital spending and the cash portion of its dividend, demonstrating that BP is trending in the correct direction. BP expects the continued addition of new project sta...
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