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.

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.