BP CEO Bob Dudley On This Quarter's Earnings
BP (NYS: BP) produced a brief video interview with CEO Bob Dudley on this quarter's earnings.
BP bucked the trend of big oil companies reporting poor earnings. The company reported earnings per share of $1.59, above analyst expectations of $1.57 and revenue of $96.3 billion, above expectations of $86.2 billion.
Conoco Phillips (NYS: COP) started the poor earnings trend on Jan 25. While Conoco Phillips reported earnings and revenue above expectations, a closer look reveals they were boosted by asset sales during the quarter. Quarterly production fell 13.3% YOY and, compared to last year's production, was down 8% for the year. Chevron (NYS: CVX) followed up on Jan 27, reporting earnings and revenues that were less than expected, and yearly production down 3.3%.
Exxon Mobil (NYS: XOM) was next on Jan 31, with earnings that met expectations but with production numbers falling far below last year's. Production fell to 4.53 million barrels of oil equivalent per day from 4.97 million a year ago.
As Fool analyst David Lee Smith has written, big oil companies are facing significant challenges in a world of sliding supply. With oil demand rising over the next 20 years, we expect high oil prices are here to stay.
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At the time this article was published Dan Dzombakholds no position in any company mentioned.Click hereand like his Facebook page to follow his coverage of the oil and gas sector.Motley Fool newsletter serviceshave recommended buying shares of Chevron. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.
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