BP Plc Q2 RC Underlying Profit Surges; Tops Estimates - Quick Facts

(RTTNews) - BP PLC (BP.L, BP_UN.TO, BP) reported Tuesday that its second-quarter profit before taxation surged to $4.99 billion from $928 million in the same period last year.

Attributable profit for the quarter was $2.80 billion, up sharply from $144 million last year.

The second-quarter replacement cost or RC profit was $1.79 billion, up from $553 million, in the year-ago quarter.

After adjusting for a net charge for non-operating items of $723 million and net adverse fair value accounting effects of $310 million, underlying RC profit was $2.82 billion, compared to $684 million a year ago.

RC profit per ADS was $0.54, compared to $0.17 last year. Underlying RC profit per ADS was $0.85, compared to $0.21 a year ago.

On average, three analysts polled by Thomson Reuters expected earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Sales and other operating revenues climbed to $75.44 billion from $56.51 billion last year. Analysts were looking for revenues of $79.68 billion.

Second-quarter upstream production, excluding Rosneft, was 2,465mboe/d, 1.4 percent higher than a year earlier.

Further, BP announced a quarterly dividend of 10.25 cents per ordinary share, or $0.615 per ADS, which is expected to be paid on 21 September 2018.