BP (Oil and Gas)
AlphaValue
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Note: This is a daily stock update and the information stands true as of 14/10/24, 09:00
Company Update: Q3 Trading Update : upstream production remained broadly flat quarter-on-quarter. With weak refining margins-driven by a global slowdown in fuel demand—and lower oil trading performance expected to reduce profit by $400–$600m compared to Q2. The segment’s EBIT, already in the red at -$100m last quarter, is likely to remain under strain.
The change in management leadership following Bernard Looney’s resignation didn’t translate in any change in strategy and we believe it is unlikely to happen any time soon.
We will have to cut our estimates on the name.
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AlphaValue, founded in 2007 by Pierre-Yves Gauthier and André Le Grand, has become the leading provider of independent European equity and credit risk research. We offer agnostic analysis of business models and valuations, helping clients assess their investment risks and opportunities.
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