BP Stock Drops As Q3 Revenue Misses Mark, Production Declines & Debt Rises

BP PLC (NYSE:BP) shares are trading lower after the company reported third-quarter results.

Sales and other operating revenues came in at $47.254 billion, missing the consensus of $52.557 billion.

Hydrocarbon production was 890 mboe/d (-6.0% Y/Y), with underlying production declining 4.0% Y/Y mainly due to base decline.

The Renewables pipeline stood at 46.8GW (bp net), including a 20.5GW bp net share from Lightsource bp's (LSbp's) pipeline in the quarter. 

Adjusted EBITDA declined to $9.65 billion from $10.31 billion a year ago. Underlying RC profit per American Depositary Share (ADS) came in at $0.83, beating the consensus of $0.76. 

Operating cash flow was $6.76 billion, compared to $8.75 billion in the prior-year quarter. 

Capital expenditure was $4.54 billion versus $3.60 billion a year ago. Net debt rose to $24.27 billion from $22.32 billion a year ago.

Read: BP Warns Of Weaker Refining Margins, Higher Debt: Details

Chief executive officer Murray Auchincloss said, “We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused ...