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Morningstar‘s Stock Analysis BP

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European Integrated Oils Continue to Look Cheap

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

After updating our fair value estimates for the no-moat European major integrated oils—BP (0.74 price to fair value), Shell (0.79), and TotalEnergies (0.76)—they continue to trade significant discounts to their narrow-moat U.S. counterparts Chevron (1.04) and Exxon (0.92). Outside of idiosyncratic company issues, the reason for the discount between the two groups is not entirely clear but is probably the result of a confluence of factors.

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Key Statistics BP

Company Profile BP

Business Description

BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2021, it produced 1.1 million barrels of liquids and 6.5 billion cubic feet of natural gas per day. At end-2020, reserves stood at 7.9 billion barrels of oil equivalent, 53% of which are liquids. The company operates refineries with a capacity of 1.9 million barrels of oil per day. BP also holds a 20% ownership interest in Rosneft, which it plans to exit.

1 St James's Square
London, SW1Y 4PD, United Kingdom
T +44 2074964000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 65,835

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