BP Q3 Profit Falls 26%
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    BP has reported a 26% YoY fall in Q3-2013 profits to $3.7 billion. The profit was dragged by weak upstream numbers and a slump in refining margins.The company added that it plans to divest a further $10 billion in assets before end-2015. The divestment proceeds will be shared with the shareholders either through dividends or...

    BP has reported a 26% YoY fall in Q3-2013 profits to $3.7 billion. The profit was dragged by weak upstream numbers and a slump in refining margins.

    The company added that it plans to divest a further $10 billion in assets before end-2015. The divestment proceeds will be shared with the shareholders either through dividends or buybacks.

    Q3-2013 production highlights

    • Net production was 2.2 MMBOE/d (52% liquids), down 2.3% YoY
    • Liquids production was flat at 1.15 MMbbl/d
    • Gas production fell 4.5% YoY to 1.02 MMBOE/d
    • Total production, including Rosneft, was 3.17 MMBOE/d; share from Rosneft was 965 MBOE/d

    Q3-2013 financial highlights

    • Upstream EBT rose marginally to $4.4 billion on extraordinary items
    • Downstream EBT crashed 76% YoY to $720 million; mainly due to weak margins, particularly in the US; BP divested its Texas City and Carson refineries in 2012
    • Capex of $5.9 billion, down 7% YoY; $2.2 billion spent on US and $3.7 billion internationally
    • Upstream capex flat at $4.7 billion; $1.6 billion spent on US and $3.1 billion internationally
    • Downstream capex of $1 billion, down 25% YoY

    Guidance

    • 2013 organic capex expected to be $24-25 billion
    • 2014 capex forecast at $24-25 billion
    • Organic capex through 2020 expected to be $24-27 billion

    View BP press release