BP dissapointed private investors as the share price slid even though a
Massive 136 percent jump in profits were recorded for the last quarter.
This was already expected and comments from Lord Browne saying falls in oil expected have brought also helped the stock down.
He says can stand oil price even below $16 pb
The hostage situation in Nigeria getting bad maybe BP putting on some weight today?
Locals want enviroment cleaned up and profits shared.
Any chance?

20 May 2011

BP ANNOUNCES SETTLEMENT WITH MOEX/MITSUI

OF CLAIMS BETWEEN THE COMPANIES RELATED

TO THE DEEPWATER HORIZON ACCIDENT

BP today announced that it has reached agreement with MOEX Offshore 2007 LLC ("MOEX") and its affiliates, Mitsui Oil Exploration Co., Ltd. and MOEX USA Corporation to settle all claims between the companies related to the Deepwater Horizon accident. MOEX - which had a ten per cent interest in the Macondo well - has joined BP in recognising and acknowledging the findings by the Presidential Commission that the accident was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties and a number of causes. Like BP, MOEX Offshore has also recognised and acknowledged the conclusions of the United States Coast Guard that, among other things, the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident. MOEX has concluded that entering into a settlement with BP is in its best interest. The agreement is not an admission of liability by any party regarding the accident.

Under the settlement agreement, MOEX USA Corporation, the parent company of MOEX Offshore 2007, will pay BP $ 1.065 billion. BP will immediately apply the payment to the $20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages.

The parties have also agreed to mutual releases of claims against each other. BP has agreed to indemnify MOEX for compensatory claims arising from the accident. BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims.

"This settlement is an important step forward for BP and the Gulf communities," said BP group chief executive Bob Dudley. "MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf, and Mitsui, through MOEX USA Corporation, is showing great corporate citizenship in standing behind its affiliate and making a contribution to meet the costs of this tragic accident. We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties."

BP and the Mitsui group are committed to enhancing their business relationship globally now that the issues surrounding the Macondo well have been resolved between the two companies.

Today's settlement is the most recent step BP has taken to raise funds to help BP meet its commitments in the Gulf of Mexico. BP has so far concluded agreements for asset divestments totalling approximately $25 billion, and has recently announced that it will also divest a number of operated oil and gas fields in the UK and two of its US refineries - Texas City and Carson - along with their associated marketing interests.

BP is also working to ensure that the other parties involved in the Macondo well - notably, Transocean, which owned and operated the Deepwater Horizon rig; Halliburton, which designed and pumped the unstable cement that the Presidential Commission found was a key cause of the accident; and Anadarko, which owned 25 per cent of the project - contribute appropriately. From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf communities under the Oil Pollution Act. To date, BP has paid nearly $6 billion in claims.

Spreads the blame, but the US will still bully BP.

BP AGREES TO SETTLEMENT WITH WEATHERFORD

OF POTENTIAL CLAIMS BETWEEN THE COMPANIES

RELATED TO THE DEEPWATER HORIZON ACCIDENT

BP today announced that it has reached agreement with Weatherford U.S., L.P. ("Weatherford") to settle potential claims between the companies related to the Deepwater Horizon accident. BP and Weatherford have agreed to mutual releases of potential claims against each other, and BP has agreed to indemnify Weatherford for compensatory claims resulting from the accident, including claims brought relating to pollution damage stemming from the accident. BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims. The agreement is not an admission of liability by any party regarding the accident.

Weatherford has become the second party in the last month to join BP in acknowledging findings by the Presidential Commission that the Deepwater Horizon incident was the product of complex causes involving multiple parties. Weatherford is the first of BP's contractors to formally agree with BP that the entire industry can and should learn from the Deepwater Horizon incident. Accordingly, Weatherford has committed to working with BP to take actions to improve processes and procedures, managerial systems, and safety and best practices in offshore drilling operations. BP and Weatherford will encourage other companies in the drilling industry to join them in this improvement and reform effort.

Weatherford and BP have concluded that entering into this settlement is in their mutual best interests. Under the settlement and indemnity agreement, Weatherford, which manufactured the float collar used in the well, will pay BP $75 million. BP will immediately apply the payment to the $20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages.

"This settlement allows BP and Weatherford to put our legal issues behind us and move forward together in strengthening processes and procedures, safety, and best practices in offshore drilling," said BP America Chairman and President Lamar McKay. He added, "We are gratified that in the wake of the reports issued by the Presidential Commission and the United States Coast Guard, some of the companies involved in the Macondo well have stepped forward to recognize the findings of those investigations and help to fund the economic and environmental restoration of the Gulf."

BP is working to ensure that the other parties involved in the Macondo well - notably, Transocean, which owned and operated the Deepwater Horizon rig; Halliburton, which designed and pumped the unstable cement that the Presidential Commission found was a key cause of the accident; and Anadarko, which owned 25 percent of the project - contribute appropriately. From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf communities under the Oil Pollution Act. To date, BP has paid more than $6 billion in claims.

In addition, BP has already taken steps to further strengthen safety and risk management across the company, including the creation of a new S&OR organization, the restructuring of its exploration and production operations, and the adoption of new standards and reward systems.

BP Breakup Worth $100 Billion to JPMorgan as Investors Doubt Dudleys Plan

Half Yearly Report - part 1 of 2.

Half Yearly Report part 2 of 2.


RNS Number : 0578L

Bp PLC

26 July 2011

press release

26 July 2011

BP DELIVERING PROGRESS, EXPECTS CASH FLOW

TO GROW FASTER THAN OUTPUT

BP today said that it expects future cash flows generated by its worldwide operations to grow faster than output. This growth is expected in both its upstream and downstream businesses as the company delivers its strategic priorities, increases its investment in future growth opportunities and portfolio work continues.

Introducing BP's financial results for the second quarter of 2011, group chief executive Bob Dudley said: "BP is making rapid progress against our priorities. In February we said we expected 2011 to be a year of consolidation as we reset the focus of the company. This is going well, while it is having the expected near-term impact on our volumes and costs."

BP today reported underlying replacement cost profit of $5.6 billion for the second quarter of 2011, an increase of 13 per cent on the result for the same period last year.

"We expect the momentum of our recovery to build into 2012 and 2013 as new projects come on stream, particularly in higher-margin areas; as we complete current turnaround activity; as we return to work in the Gulf of Mexico; and as uncertainties reduce. At the same time we will increasingly focus both our portfolio and our investments on long-term value growth," said Dudley.

BP set out in February its priorities of rebuilding value through embedding safety and risk management at the heart of the company, restoring trust, and delivering value growth to shareholders. BP will report on progress against its priorities later today in a results presentation to the financial community.

BP expects average unit operating cash margins to improve as new higher-margin projects come online. It will continue to invest to grow its upstream business, increasingly focusing on longer-term growth. Nine new projects are expected to come on stream in 2012 and 2013, most in higher-margin areas such as Angola, the North Sea and the Gulf of Mexico. BP will also continue to reposition its downstream segment, investing in businesses which underpin long-term growth and improved returns, and divesting others for value.

The underlying profit of $5.6 billion for the second quarter primarily reflected higher oil and gas prices and refining margins, partially offset by lower production and higher costs, many of which are temporary and specific to the company's circumstances at this time.

Operating cash flow for the quarter, excluding post-tax Gulf of Mexico oil spill expenditures, was $9.7 billion. Total cash held at the end of the second quarter was $18.7 billion and BP's net debt ratio was just under 20 per cent. BP announced in February its intention to reduce gearing levels to between 10 per cent and 20 per cent over time. "Completing the announced disposals will move us further into this range, with the pace dependent on the timing of completions of divestments along with acquisitions," Dudley said.

The reshaping of BP's global portfolio continues, underpinning the improved strength and flexibility of the company's balance sheet. Further progress has been made towards the company's stated objective of achieving $30 billion of divestments by the end of 2011, with agreements now in place with a total value around $25 billion. In addition, progress is also being made with plans to sell the Texas City refinery and the southern part of the West Coast fuels value chain, including the Carson refinery, by the end of 2012.

Oil and gas production in the second quarter was 3.43 million barrels of oil equivalent a day (boed). This was 11 per cent lower than the same period in 2010, primarily reflecting the ongoing impacts to Gulf of Mexico production as a result of the suspension of drilling, and the continuing divestment programme. Full year production is expected to be in line with the guidance of 3.4 million boed given in February.

Increased levels of turnarounds and maintenance to underpin long term reliability and integrity, as described in February, also resulted in both lower production volumes and higher costs in the quarter, particularly impacting higher margin areas such as the Gulf of Mexico and the North Sea. These effects are expected to continue into the third quarter but, describing them as "a near term effect", Dudley said that he "expects to see momentum returning as we enter 2012."

Dudley said: "2011 has been an unusually good year for BP in gaining access to new opportunities in the upstream," with new acreage awards made in Australia, Indonesia, Azerbaijan, the UK, the South China Sea and, most recently, Trinidad. A high-quality, material position in Brazil has been achieved with the completion of the acquisition of Devon Energy's Brazilian assets, as well as the groundbreaking deal to enter India with Reliance Industries on over 20 upstream blocks - in one of the world's fastest-growing gas markets. BP remains on track with its plans to double its exploration spend and to significantly increase the number of wells which test new plays, in areas such as Brazil, Trinidad, and Australia.

The Refining and Marketing segment is continuing to make significant progress in delivering its goal of improving underlying profitability by $2 billion a year between 2009 and 2012. Strategic investments, the largest of which is the Whiting refinery modernisation project, are proceeding well. The Whiting project is now scheduled to come on-line during 2013, with the potential to generate over $1 billion a year of post-tax cash flow when it is fully operational.

BP's priority is to continue to manage and reduce operational risk. The new independent Safety & Operational Risk function is fully operational, and BP is working to implement the recommendations of the company's report into the Deepwater Horizon accident. Reflecting its determination to apply the lessons learned from the incident, BP recently announced a new set of voluntary performance standards for deepwater drilling operations in the Gulf of Mexico which go beyond existing regulatory obligations, and is sharing the lessons it has learned with governments and partners globally.

BP is continuing to meet its commitments in the US. On the ground, the focus has shifted from response to recovery and, beyond the direct spill response, by the end of the second quarter approximately $6.8 billion had been paid out in claims and in government payments to fund economic and environmental restoration. Decontamination of all vessels and the majority of shoreline cleanup are complete. In total, BP has now paid $8.6 billion into the Trust Fund. While there is an ongoing impact in the region, there is much evidence to show that the environment and the economy in the affected States are recovering with all federal commercial fishing areas open and strong tourist business seen in the Gulf region.

Concluding, Bob Dudley commented: "BP is a company that is changing rapidly. Having stabilised the company while living up to our commitments in the US, we will now increase our focus on performance and long-term value creation. We are committed to seeing the true value of the business more strongly reflected in our share price."

TNK-BP 2Q Profits Up 81% To $2.1 Billion Due To Higher Oil Prices

Today : Tuesday 26 July 2011

Anglo-Russian oil producer TNK-BP International, part-owned by Bp PLC (BP), said Tuesday its second-quarter net profit climbed to $2.11 billion, or 81% more than a year earlier, because of higher oil prices.

Still, the company said its bottom line was hurt by the ruble's appreciation against the dollar, higher excise taxes and rising electricity and transportation fees.

TNK-BP's second-quarter revenue totaled $15.38 billion, up 46% from a year earlier, and earnings before interest, taxes, depreciation and amortization rose to $3.47 billion, up 45%.

TNK-BP's output totaled 1.76 million barrels of oil equivalent a day, or 0.5% higher than a year earlier, and was boosted by production gains at the Uvat and Verkhnechonskoye fields.

TNK-BP said it started implementation of a long-term plan to stabilize falling output in West Siberia. The company will target a reduction in the annual production decline rate from the current 7% to between 2% and 3% per year. TNK-BP plans to spend $220 million this year optimizing production in West Siberia. The company's capital expenditures in the second quarter totaled $1.30 billion.

TNK-BP said in a presentation that the loss of opportunities due to regulatory pressure cost the company $120 million in the first half of the year, mostly in fuel discounts for agricultural producers as well as cuts to retail gasoline and jet fuel prices.

TNK-BP's net debt stood at $5.27 billion as of June 30, and executives said they are eyeing a bank club loan facility of up to $1.5 billion that may be concluded in August.

Anadarko open to BP spill settlement talks

(Reuters) - Anadarko Petroleum Corp is open to discussing a settlement with BP Plc over its interest in the Gulf of Mexico oil spill disaster, the company's top attorney told investors on Tuesday.

BP PLC (Bp) has declared a force majeure for its Destin natural gas pipeline after high levels of fluid were discovered at a compressor station in Mississippi.

The Destin pipeline delivers up to 1.2 billion cubic feet a day of natural gas produced in the Gulf of Mexico to nine major interstate U.S. pipelines.

A BP spokesman was not immediately available. A notice on the Destin Web site said the pipeline "is currently experiencing operational problems that affects all offshore production," adding that the stoppage would continue "until further notice."

BP evacuates all offshore workers from Gulf of Mexico

HOUSTON, Sept 1 (Reuters) - BP Plc was evacuating all workers from its oil and natural gas production platforms in U.S. regulated areas of the Gulf of Mexico on Thursday ahead of a tropical disturbance, a company spokesman said.

BP spokesman Tom Mueller declined to say if it was shutting in production at its eight company-operated platforms and directed calls about shut output to the U.S. Bureau of Ocean Energy Management, which regulates offshore oil and natural gas drilling.

BP finds more oil at Mad Dog field in Gulf of Mexico

StockMarketWire.com

BP has revealed a significant resource extension for the Mad Dog field in the Gulf of Mexico.

BP said total hydrocarbons initially in place are now estimated to be up to four billion barrels of oil equivalent following the drilling of a successful appraisal well.

The well, drilled by BHP Billiton, is located on Gulf of Mexico Green Canyon block 738 approximately 140 miles south of Grand Isle, Louisiana, in about 4,500 feet of water.

The well encountered about 166 net feet of hydrocarbons in the objective Miocene hydrocarbon-bearing sands and discovered an oil column of more than 300 feet.

BP maintains a 60.5% working interest in Mad Dog.

BHP Billiton has a 23.9% interest, Chevron Corporation, through its subsidiary Union Oil Company of California, has a 15.6% interest.

so who needs to buy Brent at a rigged price of nearly $30 per barrel more expensive

It's a Geographic difference don't you know :-))

skinny ask the traders at the vampyre squid why there is such a huge price differential or Osbourne.

halifax - I was only joshing - hence the double smiley! Is the pyre spelling a freudian slip :-)

skinny no.

The cheapest petrol in the world!

Wow.

10. Algeria: Algiers 20p per litre

Algeria is one of the Africa's biggest oil producers turning out an average of 1.2 million barrels a day. This flood of oil has pushed down petrol prices in the country to 20p per litre, more than six times cheaper than the average pump price here in the UK.

The country's petrol supplies also played a vital role in the recent battle against Colonel Gaddafi in neighbouring Libya. With petrol production in the war-torn country running dry, rebel fighters relied on smuggled fuel from Algeria to power the final push against the corrupt dictator. Hurrah!

9. Oman: Muscat 20p per litre

Oman's petrol prices also stand at just 20p per litre. Like Algeria, the Arabic state is drenched in oil, stepping up production in the last six months to 878,000 barrels every day.

8. Egypt: Cairo 19p per litre

Egypt is something of a transport hub when it comes to petrol. The Suez Canal a vital supply line running across the east of the country carries an estimated one million barrels of oil from the Persian Gulf every day.

That's why at the peak of the country's revolution against former President Hosni Mubarak, oil prices began to climb, amid fears that the unrest would interfere with the Suez supply route.

But while this oil price rise pushes up petrol costs here in the UK, the rate petrol is sold at the pump over in Egypt remains relatively low, at just 19p per litre. But with the country's government still anything but stable, it's anyone guess as to how long costs will stay this cheap.

[See also: UK supermarkets cut petrol prices]

7. Qatar: Doha 15p per litre

Prior to the discovery of oil in Qatar, the small Arab emirates' economy was mainly built on fishing and pearl hunting. Now the country's national petroleum supplier accounts for 70% of the government's revenue. Recent high oil prices have made per capita income in Qatar amongst the highest across the globe while petrol prices are the seventh lowest at just 15p per litre.

6. Kuwait: Kuwait City 14p per litre

Kuwait is tenth largest oil producer in the world and its supply is thought to account for 10% of global reserves. But nevertheless, the government subsidises both public transport and petrol bringing prices down to just 14p per litre.

5. Bahrain: Manama 13p per litre

Compared with its Middle-Eastern neighbours, Bahrain has fairly limited oil supplies. However 60% of the country's economy is still rooted in petroleum refining, which has grown strongly over the last ten years. The country is at fifth in the rankings with an average petrol price of just 13p per litre.

4. Turkmenistan: Ashgabat 12p per litre

The UK government taxes petrol to the high-heaven, while in Turkmenistan they give it away literally. Every driver in the Turkic state is entitled to 120 litres of petrol for free every month. If they exceed this, the pump price is only 12p per litre.

3. Libya: Tripoli 9p per litre

As I mentioned earlier, petrol supplies in Libya have dried up recently owing to the closure of several oil plants in the midst of unrest in the country. But when pumping at its prime level, the country is the ninth largest oil producer with an average petrol price of just 9p per litre.

2. Saudi Arabia: Riyadh 8p per litre

Saudi Arabia is the largest exporter of petroleum in the world. Domestically fuel prices sit at around 8p per litre. Yet only half of the population can take advantage of these low rates; as women in Saudi Arabia are banned from driving due to a religious fatwa (Islamic law) imposed by conservative Muslim clerics.

1. Venezuela: Caracas 2/3p per litre

Yes, to get hold of the cheapest petrol in the world, you'll have to travel all the way to the South American country of Venezuela. Petrol is just 2-3p per litre in the socialist republic that's around 54 times cheaper than prices here in the UK. So if you have a 70 litre fuel tank in your car, you could fill it up in Venezuela for around 1.50. While In Britain it would cost you a whopping 95.

Iran: 10p for the first 60 liter per month per car, then 30p a liter.

Apart from Venezuela, the cheapest prices are available in muslim countries.

The way things are going the UK could be one soon

As long as the human right is misused by the media and lawyears to help criminals, the downward trent continues..... The media sometimes teaches how to do crime to our children.

The media likes to generate news, and they know that presenting controversial messages has more buyers. They are happy to follow drug addicts and give them the publicity even though it damages the community. Why don't they spend the money, public money, to show the life of our scientists. These criminals, drug addicts, etc .... are humans who are in most cases burden to the community, and we should not be proud of.

I think they should rename the human right to the criminal right!!!

South London Chavs are to blame