ANALYST VIEWS | WERE BP’S QUARTERLY RESULTS IN LINE WITH EXPECTATIONS?

 
Michael Bow
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ROB MUNDY LIBERUM CAPITAL
The underlying results are worse than expected driven by lower oil and gas prices, extensive maintenance in the Gulf of Mexico, lower than expected income from TNK-BP and a higher level of depreciation. Overall, our view is little changed. Shell looks more attractive in almost all respects.

JONATHAN JACKSON KILLIK & CO
Today’s results are poor, and the shares have been marked down as a result, as the market continues to lack confidence in the group’s medium-term strategy. However, we believe the current valuation, both in PE terms and relative to net asset value, remains attractive

RICHARD HUNTER HARGREAVES LANSDOWN
BP has unfortunately surpassed the disappointing scene which had already been set by Shell and Exxon. The company is rather more upbeat about prospects for 2013 and 2014 as earnings momentum builds in light of the contribution from new projects.