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?

Siberian court rescinds order for BP raid

Good volume for this time of day, but it can't quite manage 4 quid.

Today or not today!

Govt. report: BP disaster caused by poor management decisions

Former Bp PLC (BP, BP.LN) chief executive Tony Hayward has resigned from the board of Russia's TNK-BP (TNBP.RS), Reuters reported on its website Sunday, citing a source.

According to the report, the source said Hayward retired "due to other commitments." The report also said TNK-BP's board approved a $1.25 billion special dividend for investors.

Mind the gap.

Looking for a break above 420.




RNS Number : 2756Q

Bp PLC

17 October 2011

press release

17 October 2011

BP ANNOUNCES SETTLEMENT WITH ANADARKO

PETROLEUM COMPANY OF CLAIMS RELATED TO

DEEPWATER HORIZON ACCIDENT

BP today announced that it has reached agreement with Anadarko Petroleum Company ("Anadarko") to settle all claims between the companies related to the Deepwater Horizon accident. Anadarko - which had a 25 per cent interest in the MC252 (Macondo) prospect - and BP have concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes. The agreement is not an admission of liability by any party regarding the accident.

Under the settlement agreement, Anadarko will pay BP $4 billion in a single cash payment. BP will apply the payment to the $20 billion trust it established that is available to meet individual, business and government claims, as well as the cost of the natural resource damages. Anadarko will also transfer all of its 25 per cent interest in the MC252 lease to BP.

In addition, Anadarko will no longer pursue its allegations of gross negligence with respect to BP. Anadarko and BP have agreed to work cooperatively with respect to indemnified claims, and Anadarko has the opportunity for a 12.5 per cent participation in future recoveries from third parties or insurance proceeds cumulatively exceeding $1.5 billion, up to a total cap of $1 billion.

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

"This settlement represents a positive resolution of a significant uncertainty and it resolves the issues among all the leaseholders of the Macondo well," said Bob Dudley, BP group chief executive. "There is clear progress with parties stepping forward to meet their obligations and help fund the economic and environmental restoration of the Gulf. It's time for the contractors, including Transocean and Halliburton, to do the same."

BP previously announced settlements with MOEX, which had a 10 per cent interest in the Macondo well, and Weatherford, which provided drilling equipment. Consistent with official investigations that found the accident was the result of multiple causes, involving multiple parties, BP is working to ensure that other parties, including Halliburton and Transocean, contribute appropriately. Multiple official investigations, including those conducted by the Presidential Commission and the Marine Board of Investigation, found that conduct by those parties contributed to the accident. The issuance of regulatory violations last week to BP, Transocean and Halliburton by the US Department of Interior demonstrates that the contractors responsible for well control and cementing, not just the operator, should be held accountable for their conduct.

From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf Coast communities under the Oil Pollution Act. BP has to date paid out more than $7 billion.

Notes to editors:

-- This settlement agreement will result in the discontinuance of any legal proceedings for co-owner recovery under the Joint Operating Agreement between BP and Anadarko.

-- This settlement will also result in the discontinuance of claims made by BP and Anadarko against each other in the Multi-District Litigation Trial in New Orleans set to commence in February 2012 ("MDL").

And there it is :-))

.

BP still feeling pain from Gulf fallout as production suffers

More details will also be sought by the City about the recent announcement that the group secured government approval for a 4.5bn oil project, in the Clair field, west of Shetland. BP is expected set to pay a dividend of eight cents, up from seven cents last year.

3rd Quarter Results.

BP's third quarter replacement cost profit was $5,140 million, compared with $1,847 million a year ago. For the nine months replacement cost profit was $15,930 million compared with a loss of $9,528 million a year ago. Replacement cost profit or loss for the group is a non-GAAP measure. For further information see pages 4 and 17.

The group income statement for the third quarter and nine months includes pre-tax charges related to the Gulf of Mexico oil spill of $0.6 billion and $0.4 billion respectively. All amounts relating to the incident have been treated as non-operating items. For further information on the Gulf of Mexico oil spill and its consequences see pages 2 - 3, Note 2 on pages 21 - 26, and Legal proceedings on pages 32 - 37.

Non-operating items (including amounts relating to the Gulf of Mexico oil spill) and fair value accounting effects for the third quarter, on a post-tax basis, had a net unfavourable impact of $187 million compared with a net unfavourable impact of $3,684 million in the third quarter of 2010. For the nine months, the respective amounts were $378 million and $25,686 million unfavourable. See pages 4, 18 and 19 for further details.

Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $234 million for the third quarter, compared with $335 million for the same period last year. For the nine months, the respective amounts were $722 million and $777 million.


And so much for the article in the Scotsman.

The quarterly dividend expected to be paid on 19 December 2011 is 7 cents per share ($0.42 per ADS).

DUDLEY SETS OUT PRIORITIES FOR STRONGER SAFER BP


-- October 2011 is turning point for operations and production

-- Company to build on strengths; increasing divestments to $45 billion; investing in projects with higher returns

-- 2011 best year for upstream access for a decade; plans to double exploration
-- Downstream on track to deliver record earnings
-- Cash flow expected to grow some 50% by 2014
-- Targeting higher investment and distribution to shareholders

BRIAN GILVARY TO JOIN BP BOARD AS
CHIEF FINANCIAL OFFICER

market says numbers much better than expected!

And good early volume to boot!

The oil-drilling services arm of Danish business conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO) said Tuesday it has signed a four-year contract with U.K.-based energy major Bp PLC (BP) for deepwater exploration services.

Maersk Drilling is to assist BP with initially a deepwater exploration project off the coast of Egypt, the company said.

The contract has a maximum value of about $780 million and will extend for four years, with the option to extend it by a year.

The contract is specifically for the services of Maersk Drilling's ultra deepwater semi-submersible drilling vessel, Maersk Discoverer, one of three of its kind in Maersk's fleet.

"This is a good opportunity to demonstrate our skills within deepwater drilling and we hope it can pave the way for strengthening our position as a reliable contractor for BP within the deepwater segment," said Claus Hemmingsen, chief executive of Maersk Drilling in a statement.

Maersk Drilling said it expects the contract to commence in the second quarter of 2012.

no RNS yet but BP's sale of its Argentine assets has fallen through reports suggest, how long before Dudley falls on his sword?

RE: SALE OF BP'S INTEREST IN PAE TO BRIDAS CORP

On 5 November 2011, BP received from Bridas Corporation a notice of termination of the agreement for their purchase of BP's 60 per cent interest in Pan American Energy LLC (PAE). As a result of Bridas Corporation's decision and action, the share purchase agreement governing this transaction, originally agreed on 28 November 2010, has been terminated.

The closing of this transaction had been delayed because the Argentine anti-trust and Chinese regulatory approvals required to satisfy the conditions precedent to closing of the transaction had not been obtained by Bridas Corporation. Under the terms of the agreement, Bridas Corporation had exclusive responsibility for obtaining these approvals.

As a result of Bridas Corporation's termination of the agreement, BP will now repay the deposit for the transaction of $3.53 billion received at the end of 2010. This deposit had been held by BP as short-term debt and will be repaid by 14 November 2011. This repayment will not affect BP's level of gearing, which stood at 19 per cent at the end of September.

BP shrugs off Argentina asset sale collapse

BP said it no longer need to sell its 60% stake in Pan American Energy LLC to a joint venture of Argentinas Bridas Energy Holding and China's Cnooc CEO +0.18% to strengthen its finances, according to a Sunday report in The Wall Street Journal.

The Journal quoted a BP spokesman as saying the British company is happy to return to long-term ownership of these valuable assets, given the considerable improvement in its own financial strength and circumstances, as well as the improved external trading environment.

A court hearing against two Bp PLC (BP)-appointed directors at Russian oil joint venture TNK-BP Holding (TNBP.RS) has been postponed until Friday, a BP spokesman said Thursday.

The hearing, which was originally scheduled to take place Thursday, is part of a $2.8 billion lawsuit by minority shareholders in TNK-BP Holding. They claim that the two members of the board of directors acted against the company's interest, when voting against a proposal by the company's management to replace BP in a share swap and Arctic exploration deal with state oil company OAO Rosneft (ROSN.RS).

BP announced the Rosneft tie-up in January, but its billionaire partners in TNK-BP Ltd.--the parent company of TNK-BP Holding--had blocked BP's deal with Rosneft in court, as they said it violated their shareholder agreement. The alliance eventually collapsed in May.

Another hearing in a parallel case against BP brought by the same group of minority shareholders is also scheduled for Friday.

BP has said the cases are without merit, because TNK-BP didn't suffer any damage from the failed Arctic deal.