Energy: BP's Q3 Profits Miss Forecast
The Facts
British Petroleum (BP) on Tuesday announced earnings of $3.3B in the third quarter of this year, missing the forecast of $4B net income.
The energy giant’s earnings were down from $8.1B in the same period during 2022 when oil prices soared after Russia’s invasion of Ukraine.
The Spin
Narrative A
BP is in turmoil, and it might take a while for the petroleum giant to get back on track. Both its CEO and its US boss departed the company, and the windfall that came with Russia’s invasion has tapered off. The dip in oil prices, plus several other worldwide economic factors, will probably combine to keep BP from experiencing the success in the near future that it had hoped for this quarter.
Narrative B
BP isn't panicking over this news. Overall the company had a solid quarter except for the blip in gas trading. The company is still committed to its green energy programs, and its stock buyback program will continue. Soon there will be new leadership in place and BP will be meeting expectations once again.