The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

lol..thanks Marky..I'll be thinking of you in your spikes whilst strutting in my shorts...good drilling weather for RKH!

Hope so Chav,have a safe journey and have a pint on me in the Victory pub!!!!ur round next in Angel.

I thought BP would have bounced up more this morning after the Russian news on Friday...ADR's closed up 3.5% on the NYSE after the news Friday...maybe climb more as the day goes on.

enlighten me please someone .... are this morning's numbers better or worse than expected?

20 points up so the important numbers are good for me!

BP's $7 billion South America stake sale collapses


Tom Bergin and Lorraine Turner, 16:22, Sunday 6 November 2011

HONG KONG/LONDON (Reuters) - BP's plan to sell a stake in its South American (Frankfurt: A0MLL6 - news) unit for $7 billion (4 billion pounds) has collapsed, potentially trimming the oil major's cash flow and making it harder to raise its payout to shareholders.

China's biggest offshore oil producer CNOOC Ltd said on Sunday its 50 percent-owned unit Bridas Energy Holdings has terminated a deal to buy BP's stake in Argentina-based oil and gas group Pan American Energy LLC (PAE (BSE: PAEL.BO - news) ).

BP hinted at its third-quarter results last month that it would announce an increase in its dividend in early 2012.

However, the failure of the sale of its 60 percent interest in PAE could mean cashflow is lower than might have been expected, making it harder to raise the dividend.

At the results, BP said the deal, initially signed last November (Stuttgart: A0Z24E - news) , was not as important to the firm's cashflow today as it was a year ago.

"We reached that agreement last year at a time when oil prices were lower. It was a time when we actually needed to make some divestments of properties. We're past that point. We don't actually need to make that divestment....if it doesn't happen, it's absolutely fine," Chief Executive Bob Dudley told analysts at the time.

BP said in a statement on Sunday it will repay a deposit of $3.5 billion received for the PAE stake at the end of 2010, which would not impact its level of gearing.

BP's planned sale of the stake was intended to help raise funds to pay for the cleanup of its Gulf of Mexico oil spill in 2010.

BP had been waiting on regulatory approval for the deal to proceed.

"The transaction was subject to conditions precedent - namely, Argentine anti-trust and Chinese governmental approvals," said a spokesman at BP.

"Securing these approvals was the sole responsibility of Bridas. Bridas had not yet been able to satisfy these conditions precedent but the approval processes were ongoing and, for reasons known only to them, Bridas has now chosen to terminate the transaction," he added.

BP previously said delays in regulatory approval were understandable given the ongoing election campaign in Argentina.

In a filing with the Hong Kong stock exchange, CNOOC (HKSE: 0883.HK - news) said Bridas Energy sent BP a letter on November 5 to terminate the deal.

It gave no further details.

Late last month, CNOOC said Bridas Corp had not obtained the necessary regulatory approvals to complete the $7 billion bid. It had said Nov 1. was the deadline after which either party would have the right to terminate the agreement.

Bridas already owns a 40 percent stake in the group, which BP has described as Argentina's second-largest producer of oil and gas.

CNOOC may have developed cold feet over the agreement because of the arbitrary and heavy handed nature of Argentina's government that has seen Western oil and gas companies exit the country, according to a report from Jefferies Group (NYSE: JEF - news) at the end of October.

BP said it will now consider all its strategic options regarding PAE.

BP woes pile up as Argentine deal collapses

Roland Gribben, 18:24, Sunday 6 November 2011

BP was involved in a testy exchange yesterday over the collapse of a $7.1bn (4.4bn) Argentine oil deal as it fended off allegations that it had described Russian oligarchs in its TNK-BP partnership as "crooks and thugs."

The failure to sell its 60pc stake in Pan American Energy, an Argentine integrated oil, gas and refinery business, will prove costly for BP.

The oil major agreed to sell its holding to Bridas, the minority shareholder, but under the terms of the deal is being forced to hand over $700m (439m) to uneasy partners as well as repay their $3.53bn deposit.

Bridas, a venture between China's Cnoc and the Argentine Bulgheroni family, negotiated the settlement with BP as a precaution against collapse. Relations between the two sides have been strained and the settlement is aimed at ensuring a "clean break from past disagreements."

The Pan American stake was among assets BP packaged for sale to raise money after the Gulf of Mexico spill. Bridas missed a November (Stuttgart: A0Z24E - news) 1 deadline to complete the deal but the two sides continued negotiations.

However, they ended abruptly at the weekend with Bridas citing legal reasons and BP's behaviour during the year long talks. BP blamed Bridas, arguing that the partners had failed to meet the key condition of Government approval for the deal.

The colourful language allegedly used by BP to describe the oligarchs surfaced in documents filed by Norex Petroleum of Canada which has roped BP into a $1bn claim against the oligarchs over the alleged seizure of a Siberian oilfield where it had an interest and is now part of TNK-BP.

yep it was never gonna be easy given history - not sure how the russian mafia will take to bp comments - that was a very bright thing for the bp guys to say - hope they have good security

After Royal Dutch Shell reported strong results this week, the stage is now set for FTSE 100 rival BP to provide a response on Tuesday. Forecasts are pretty good, and with a final quarter dividend of around 4.4p estimated, BP could be returning something like £840m to investors -- although that is still some way behind Shell

Concerns about the climate change impact of burning the world's remaining oil resources mean the reserves will never be fully exploited, BP (BP.L) Chief Economist Spencer Dale said on Tuesday.

That assumption means the relative price of oil will not necessarily increase over time, Dale said at an economists' conference in London on Tuesday.

Burning existing reserves of oil, gas and coal would emit more than 2.8 trillion tonnes of climate-harming carbon emissions, much more than the 1 trillion threshold scientists have set to limit global warming to 2 degrees.

"Concerns about carbon emissions and climate change mean that it is increasingly unlikely that the world's reserves of oil will ever be exhausted," Dale said.

BP is among the world's top oil producing companies but it is also part of a group of energy firms that has called for the creation of a global carbon pricing mechanism that would limit investments in climate-harming forms of energy.

Technological advances will also reduce the cost to extract harder-to-reach resources, Dale said.

BP held its quarterly dividend at 10 cents a share in the as $2.6bn of write-downs and restructuring charges sent it crashing into losses for the fourth quarter and full year. For the fourth quarter a $3.31bn loss was reported, with underlying profits crashing 91% to $196m, well shy of forecasts, sending the oil major to a $6.48bn full year loss, with underlying profit plunging by just over half to $5.9bn.

Is £3.00 good value?

BP won't go bust, but nor will Shell which may be a better bet

Some Shareholders are not happy http://www.bbc.co.uk/news/business-36040210

not surprised ..... how can the CEO deserve a 20% payrise to $14.5m when so many staff are being laid off or their salaries cut?

at least the CEO at Shell had the manners to take a cut

Oil giant BP posted a jump in fourth-quarter and full-year profit on Tuesday thanks to a strong performance across all of its businesses. Underlying replacement cost profit for the final three months of 2018 came in at $3.5bn, up from $2.1bn in the same period the year before. For the year, meanwhile, underlying replacement cost profit rose to $12.7bn, which was more than double what was reported for 2017.