BP plc (NYSE: BP) reported Q3 EPS of $1.15, $0.26 worse than the analyst estimate of $1.41. Revenue for the quarter came in at $54.02 billion versus the consensus estimate of $55.2 billion.

GUIDANCE:

4Q guidance

Looking ahead, we expect fourth-quarter 2023 reported upstream* production to be broadly flat compared to third-quarter 2023.
• In its customers business, bp expects seasonally lower volumes with marketing margins to remain sensitive to movements in
the cost of supply. In refining, we expect significantly lower realized refining margins and a higher level of turnaround activity in fourth quarter.

2023 guidance

In addition to the guidance on page 2:
• bp expects both reported and underlying upstream production to be higher compared with 2022. Within this, bp expects
underlying production from oil production & operations to be higher and production from gas & low carbon energy to be slightly
lower. bp continues to expect four major project start-ups during 2023.
• bp expects the other businesses & corporate underlying annual charge to be at the lower end of the range $1.1-1.3 billion for
2023. The charge may vary from quarter to quarter.
• bp continues to expect the depreciation, depletion and amortization to be slightly above 2022.
• bp continues to expect the underlying ETR* for 2023 to be around 40% but it is sensitive to the impact that volatility in the
current price environment may have on the geographical mix of the group’s profits and losses

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