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BP PLC ADR - Stock Quote BP

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Morningstar's BP PLC ADR Stock Analysis

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BP Q1 Reported Earnings Take Hit on Rosneft Exit, but Underlying Earnings Strong; Buyback Increased

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

BP's first-quarter adjusted earnings exceeded market expectations at $6.2 billion compared with $2.6 billion a year ago largely on higher commodity prices. Adjusted earnings exclude post-tax charges of $24.4 billion related to the decision to exit the 19.75% holding in Rosneft. We previously incorporated this decision into our model and fair value estimate, assuming a value for BP’s Rosneft stake at $3.6 billion. If we mark it a zero, our fair value estimate falls by 3%, which we are likely to do with our next update given BP is assuming zero value. However, the ultimate realized value is likely to be greater, but unknown for some time. Regardless, BP looks undervalued currently. Our no moat rating is unchanged.

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BP PLC ADR's Company Profile

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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 65,835

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