Even though oil prices and refining margins weren't that great this past quarter, BP (NYSE:BP) was able to beat earnings expectations again thanks to better-than-expected performance from its upstream production and management's ability to wring out costs. That, and lower expenses related to the 2010 Gulf of Mexico oil spill, are giving management some more flexibility to spend on new development projects.
What's more encouraging, though, is that this quarter didn't get much from its recent acquisition of shale assets. So with these assets now in the fold, let's take a look at what investors can expect for the rest of the year. What is surprising about this past quarter is that just about every market indicator that BP uses for its business -- crude oil realization prices, heavy crude oil differential prices in North America, and overall refining margins -- worked against the company compared with both this time last year and the prior quarter. Based on BP's recent string of results and management's plans to grow its dividend and share repurchases once it gets done digesting this recent acquisition, it would appear that the company is on a decent path to reward shareholders.
Source: Motley Fool
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