BP share price rises as earnings beat expecations, despite falling 18 per cent

 
Billy Ehrenberg
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Shares in oil giant BP opened 1.9 per cent higher this morning as it reported above-expectation revenues, despite a fall in both oil production and earnings as outside pressures weighed on results.

A combination of ongoing legal proceedings in the US, Russian sanctions and falling oil prices affected the figures. On the whole, these effects had been accounted for, and both underlying sales and earnings beat expectations.

Revenue was 2.8 per cent lower at $93.9bn (£58.2bn) for the quarter, ahead of estimates of $93.4bn.

Production also fell, from 3.17 million barrels a day to 3.15m. The company also announced a dividend of 10 cents per share.

Bob Dudley, the company's chief executive, said that despite lower oil prices, "BP's operational momentum continues to deliver results".

Crude oil prices fell below $85 a barrel yesterday, after a note by analysts at Goldman Sachs suggested oil supply will begin to outstrip demand in the first quarter of next year, pushing the price of WTI crude down to $75, while Brent is likely to fall to $85.

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