BP's Third-Quarter Profits Fall Short of Market Expectations

United Kingdom of Great Britain and Northern Ireland
BP's shares tumbled following the announcement of the results.
BP's third-quarter earnings for 2023 missed market expectations.
Despite a rebound, BP's profits were not as high as anticipated.
Weak gas trading offset gains from higher refining margins and strong oil trading.

BP, one of the world's leading oil companies, reported its third-quarter earnings for 2023, which fell short of market expectations. The company's profits have seen a significant decline, as reported by CNBC, Bloomberg, Rigzone, and Reuters. Despite a rebound in profits, the figures were not as high as anticipated. The Wall Street Journal noted that BP's profits rose due to higher refining margins and strong oil trading. However, weak gas trading offset these gains, as reported by Bloomberg. The company's shares tumbled following the announcement of the results, as noted by Reuters.

Confidence

95%

Doubts
  • There is a slight discrepancy in the reporting of the factors contributing to BP's profit decline. While most sources attribute it to weak gas trading, the Wall Street Journal emphasizes the role of higher refining margins and strong oil trading.

Sources

91%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Oil major BP misses estimates for third quarter as profits plummet

CNBC News Sam Meredith Tuesday, 31 October 2023 00:00
  • Unique Points
    • BP's shares fell more than 3% in early trade.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (90%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (80%)
    • CNBC is owned by NBCUniversal News Group, a division of NBCUniversal, which is in turn owned by Comcast. Comcast has significant investments in energy and technology sectors, which could potentially influence the coverage of related topics.
    • Author Conflicts Of Interest (100%)
      None Found At Time Of Publication

    90%

    The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
    (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

    A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

    BP Profit Misses as Weak Gas Trading Offsets Strong Oil

    Bloomberg News Now Laura Hurst Tuesday, 31 October 2023 00:00
    • Unique Points
      • BP’s shares fell as much as 3.6% in London trading, the most since July 19.
    • Accuracy
      No Contradictions at Time Of Publication
    • Deception (100%)
      None Found At Time Of Publication
    • Fallacies (100%)
      None Found At Time Of Publication
    • Bias (90%)
      None Found At Time Of Publication
    • Site Conflicts Of Interest (75%)
      • Bloomberg L.P., the parent company of Bloomberg News, provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organizations. This could potentially influence their coverage of financial and business news.
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      89%

      The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
      (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

      A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

      BP Sees Profit Rebound But Misses Estimates

      Rigzone Tuesday, 31 October 2023 00:00
      • Unique Points
        • BP’s shares fell as much as 3.6% in London trading.
      • Accuracy
        No Contradictions at Time Of Publication
      • Deception (100%)
        None Found At Time Of Publication
      • Fallacies (100%)
        None Found At Time Of Publication
      • Bias (90%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (70%)
        • Rigzone is a website that provides news, jobs, data, and events for the oil and gas industry. This could potentially influence their coverage of oil and gas companies.
        • Author Conflicts Of Interest (100%)
          None Found At Time Of Publication

        91%

        The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
        (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

        A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

        BP Profit Rose on Higher Refining Margins, Strong Oil Trading

        The Wall Street Journal Sarah McFarlane Tuesday, 31 October 2023 00:00
        • Unique Points
          • BP’s shares fell as much as 3.6% in London trading.
        • Accuracy
          No Contradictions at Time Of Publication
        • Deception (100%)
          None Found At Time Of Publication
        • Fallacies (100%)
          None Found At Time Of Publication
        • Bias (90%)
          None Found At Time Of Publication
        • Site Conflicts Of Interest (80%)
          • The Wall Street Journal is owned by News Corp, a global diversified media and information services company. News Corp has significant investments in a variety of industries, which could potentially influence the coverage of related topics.
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          90%

          The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
          (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

          A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

          UK's FTSE 100 muted at open, BP tumbles

          Reuters Shreyashi Sanyal Tuesday, 31 October 2023 00:00
          • Unique Points
            • BP’s shares fell as much as 3.6% in London trading.
          • Accuracy
            No Contradictions at Time Of Publication
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (90%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (75%)
            • Reuters is owned by Thomson Reuters Corporation, which provides professional information and services in the areas of finance, risk, legal, tax, accounting, and media. This could potentially influence their coverage of financial and business news.
            • Author Conflicts Of Interest (100%)
              None Found At Time Of Publication