Jeff Auxier Comments on BP
- By Holly LaFon
BP (BP) had a productive quarter as group oil and gas production averaged 3.6M barrels of oil equivalent a day, a 14% increase over last year, while downstream underlying quarterly earnings were the highest in five years growing almost 67%. All seven of the major projects they expected to start this year are online, including starting production in three major upstream projects in Australia, Trinidad, and Oman. BP re-entered the solar power market with the purchase of a 43% stake in Lightsource Renewable Energy Ltd. for $200M. Aggressive cost cutting is finally paying off as oil prices have improved by over 25% in four months.
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The intrinsic value of BP
From Jeff Auxier (Trades, Portfolio)'s fourth quarter 2018 shareholder letter.
This article first appeared on GuruFocus.
Warning! GuruFocus has detected 5 Warning Signs with BP. Click here to check it out.
The intrinsic value of BP