BP Hits Its Marks in 1Q; FVE Unchanged
BP’s first-quarter earnings largely met expectations while key guidance items remain unchanged. As a result, our fair value estimate and moat rating are unchanged. Earnings fell to $2.4 billion from $2.6 billion a year ago. Upstream earnings fell to $2.9 billion from $3.2 billion last year on lower oil price realizations and turnaround activity in the Gulf of Mexico offset by strong gas marketing and trading. Production volumes increased 2% from last year, but underlying production (adjusted acq...BP is an integrated oil and gas group based in the United Kingdom. Co. is engaged in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and the manufacture and marketing of petrochemicals. Co. operates globally, with business activities in Europe, the U.S., Canada, Russia, South America, Australasia, Asia and parts of Africa. Co. operates in two business segments: Exploration and Production - including oil and natural gas exploration and development and production; and Refining and Marketing- activities include the refining, manufacturing, supply and trading, marketing and transportation of crude oil, petroleum and petrochemicals.
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