The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0802 GMT – BP reported weak 3Q numbers, with a large miss to net income, partly driven by weaker gas trading, RBC Capital Markets analyst Biraj Borkhataria writes in a research note. “This may come as a surprise given commentary from peers, however notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter,” he says. Despite some solid indicators segmentally, earnings missed across all divisions, he says, adding that the downstream, customers and products business reported $2.1 billion in underlying replacement cost profit before interest and taxes versus consensus of $2.4 billion despite being supported by very strong oil trading results. (christian.moess@wsj.com)
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