BP misses quarterly expectations

Note: This section contains information in English only.
Source: Dukascopy Bank SA


British Petroleum has reported its third quarter financial results. The markets expected the company to have earned $4.0 billion. However, the actual earnings were $3.3 billion.

The company suffered due to weak results in the gas sector and a write off of its major US wind project. Namely, gas prices declined during the last quarter, which impacted income. However, the main cause for the low earnings was the write off of $540 million wind power projects in New York. The write off occurred due to New York officials denying the company better terms that would help with inflation and permits.

During the London trading session, the news caused a 5.25% drop of the company's stock price.

Although, after two hours of trading the stock price started to recover. The recovery was attributed to the fact that the company is keeping its dividend pay at $7.27 per share and extended its $1.5 billion share buyback program. Namely, after the initial sell-off, the stock has become a more attractive investment.
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