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BP is due to post its third-quarter figures on Tuesday 28 October. The company’s adjusted earnings per share is due to drift lower to $0.159 from $0.197. Sales should remain broadly consistent at $93.364 billion, while the pre-tax profit is due to drop from $5.147 billion down to $4.795 billion.
The last quarter has thrown several issues at the UK-based oil giant. The sanctions that the west imposed against Russia have seen BP’s agreement with Rosneft stall. Although this accounts for a large part of its production volume it does not account for a similarly large percentage of the company’s revenue.
The US courts also passed further rulings as to where the responsibilities for the Deepwater Horizon disaster in the Gulf Of Mexico lie. BP has been deemed 67% responsible and this could potentially see pressure from the litigious society.
BP shares are down 11.66% on-the-year and are now down 17.87% from the June highs. The recent bounce has seen the shares move out of oversold territory. Last week’s move below 420p was short-lived and should provide the support needed to see the shares move back up to the 50-day moving average around the 460p level.