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?

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

With Tropical Storm Nate on the horizon, energy producers started Thursday bringing employees onshore again just days after they began restaffing following Tropical Storm Lee.

Companies were in the middle of restoring operations after Lee, which forced the shut-in of 60% of the oil and about half the natural gas Gulf's production before the storm made landfall Sunday in south Louisiana.

As of Thursday morning, oil output was significantly up compared to the previous day, with about 85% of the U.S. gulf production restored, according to the Bureau of Ocean Energy Management, Regulation and Enforcement, which oversees oil and gas drilling in federal waters. Gas output also grew, with 93% of production back on line.

But as Lee fades from memory, Bp PLC (BP, BP.LN) and Apache Corp. (APA), two of the top oil and gas producers in the Gulf, said Thursday they have started evacuating non-essential workers from some of their platforms, ahead of Nate, now gaining strength in the Gulf.

Nate, with sustained wind speeds of up to 60 miles an hour, is moving a scant 1 mile per hour as of Thursday afternoon. The storm could become a hurricane by Saturday morning as it heads northwest toward the southern tip of Texas, according to the National Hurricane Center.

BP was evacuating personnel from its Mad Dog, Holstein and Atlantis platforms in the Southern Green Canyon field.

Apache's spokesman Bill Mintz said the company was evacuating non-essential personnel from facilities in the far western Gulf but that production was not curtailed.

Nate has not prompted new production shut ins, but if the weather worsens that could change as companies would begin evacuating essential personnel.

Anadarko Petroleum Corp. (APC) said Thursday its Gulf platforms were "on line," but that it was monitoring the storm and that it was prepared to remove workers if the weather begins to track toward its platforms. ExxonMobil Corp. (XOM), Marathon Oil Corp. (MRO) and Royal Dutch Shell (RDSA) said they were monitoring the storm.

As of Thursday morning, production of about 206,681 barrels per day of oil and 362.8 million cubic feet of gas were curtailed, according to the Bureau of Ocean Energy Management, Regulation and Enforcement. Personnel from a total of five operating platforms, equivalent to 0.8% of all the manned platforms in the Gulf, were evacuated. A total of two drilling rigs out of 62 rigs operating in the Gulf have been evacuated so far, the government agency said.

A fire broke out late Thursday at a petrochemical plant in Shanghai, but it was contained by early morning, China's official Xinhua news agency reported Friday.

The ethylene production plant, owned by Shanghai Secco Petrochemical Co., is a joint venture between China Petroleum and Chemical Corp., also known as Sinopec, its subsidiary Sinopec Shanghai Petrochemical Co. (SHI) and Bp East China Investment Co., a unit of BP PLC (BP).

No casualties were reported. Xinhua didn't mention the fire's impact on production.

Secco's ethylene plant, located near Hangzhou Bay, has an annual capacity of 1.09 million metric tons a year, the company said on its website.

Siberian court rescinds order for BP raid