Will BP Continue to Trade Near Highs for the Year?
T = Trends for a Stock’s Movement
BP is an integrated oil and gas company. The firm provides its customers with fuel for transportation, energy for heat and light, lubricants, and the petrochemicals products used to make items like paints, clothes, and packaging. It operates in two business segments: exploration and production, and refining and marketing. BP provides energy products to consumers and companies worldwide. Without the oil and gas products provided, many consumers and businesses would not be able to operate on a daily basis.
BP had some good news for shareholders in its third quarter earnings report. Underlying replacement profit came in ahead of estimates despite dropping from $5 billion a year ago to $3.7 billion. BP also promised to sell off $10 billion in assets over the next two years and return the proceeds to shareholders, and the company’s dividend was up 5.6 percent to 9.5 cents a share. But the Deepwater Horizon oil spill was still looming over BP, which raised the total cost of the spill from $42.4 to $42.5 billion.