BP (NYSE:BP) earnings for the oil and gas company’s fourth quarter of 2019 have BP stock heading higher on Tuesday. Adjusted earnings per share come in at 76 cents, which is better than Wall Street’s estimate of 65 cents. Revenue of $72.17 billion is also above analysts’ estimates of $66.44 billion.
Here’s what else is worth noting from the BP earnings report.
- Adjusted EPS is down 26.92% from $1.04 in the same period of the year prior.
- Revenue comes in 6.14% lower than the $76.89 billion from the fourth quarter of 2018.
- The BP earnings report also has its net income for the quarter coming in at $19 million.
- That’s a 97.52% drop from the company’s net income of $766 million during the same time last year.
Bob Dudley, the outgoing CEO of BP, has this to say about the BP stock earnings report.
“BP is performing well, with safe and reliable operations, continued strategic progress and strong cash delivery. This all supports our commitment to growing distributions to shareholders over the long term and the dividend rise we announced today.”
The major news from the earnings report is an increasing dividend. This will have it paying out 10.50 cents per share to investors in BP stock. That’s a 2.4% increase to the company’s quarterly dividend.
The BP earnings report provides some insight into its 2020 plans. That includes expectations for declines in lower margin gas basins resulting in lower underlying production. It expects the same from reported production when compared to 2019.
BP stock was up 4.07% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.