BP looks back on a mixed quarter: Revenue falls short of expectations, investments on the rise.

The British energy giant BP recently presented its business figures, surprising with differentiated results. Revenues from sales and other operating activities amounted to $47.254 billion, falling short of the forecast of $52.557 billion. Oil and gas production, at 890,000 barrels of oil equivalent per day, was 6% lower than the previous year, mainly due to the general decline in production. An ambitious renewable energy pipeline with a capacity of 46.8 gigawatts highlights BP's push into the growth market of clean energy. Particularly noteworthy is the contribution of Lightsource BP, which alone adds 20.5 gigawatts of capacity to the pipeline. Adjusted EBITDA fell to $9.65 billion, compared to $10.31 billion the previous year. Encouragingly, the underlying RC profit per American Depositary Share exceeded expectations at $0.83, compared to the forecast of $0.76. A look at the financial structure shows that operating cash flow fell to $6.76 billion, compared to $8.75 billion in the prior-year quarter. At the same time, capital expenditures rose to $4.54 billion from $3.60 billion the previous year. Net debt increased from $22.32 billion to $24.27 billion. CEO Murray Auchincloss emphasized the progress in strategic adjustment, aiming to make BP more focused and valuable. BP plans to expand through value-oriented growth in the oil and gas sector over the decade. Auchincloss also highlighted the commitment to the energy sector and the intention to strategically place investments to remain competitive with the rest of the business field. For the fourth quarter of 2024, BP expects a decline in upstream production compared to the third quarter. In their customer segment, the company anticipates seasonally lower volumes, while fuel margins may continue to be sensitive to cost fluctuations. Refining margins are also expected to remain low in the fourth quarter, with product calculation spreads potentially causing volatility.