European Movers: BHP Billiton, VW, Akzo Nobel
BP (BP) was up £0.04 to £6.09... third quarter figures 6% above consensus: Merrill - The company says third quarter replacement cost profit US$3.867 billion, -45% (vs forecast of US$3.574 billion); DPS US$0.10825; net non-operating loss US$346 million. Expects fiscal 2007 production to be in the range of 3.8 to 3.9 millionmboepd, in line with the guidance provided earlier in the year. By end of fourth quarter, expects available production capacity to reach 400 millionb/d and 300 millionb/d at Texas City and Whiting. Adds that expects to restore both refineries to their full crude capacity and flexibility in first half08. Merrill Lynch says the third quarter figures have come in 6% above consensus, but 3% below broker's top market forecast. Adds at the divisional level the miss versus broker's forecast was largely down to a very disappointing result from Gas & Power business. Rates neutral.
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