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?

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.

Russian court rejects 8 billion lawsuit against BP

(Reuters) - A Russian court on Friday rejected a $13 billion (8 billion pounds) lawsuit, filed by TNK-BP minority shareholders against BP, a BP lawyer told Reuters.

Earlier on Friday, the court also rejected a $2.8 billion lawsuit against BP's nominees on TNK-BP Holding's board.

The plaintiff, Andrey Prokhorov, claimed that TNK-BP suffered losses due to BP's attempt to form a strategic alliance with state-controlled Rosneft.

Update on the earlier news. BP wins Russian court cases over TNK-BP

(Reuters) - A Russian court threw out two multi-billion dollar lawsuits against BP on Friday, handing the oil company a key victory in legal battles surrounding its Russian oil venture TNK-BP.

A judge in the Siberian oil town of Tyumen rejected suits brought by Andrey Prokhorov, a minority shareholder in Russia's No.3 oil firm; one for $13 billion (8 billion pounds) from BP and another for $2.8 billion from two BP nominees on the board of operating unit TNK-BP Holding (TBH).

Prokhorov had said TNK-BP suffered financial losses because it had been excluded from a planned strategic alliance unveiled in January between BP and Rosneft.

"None of the grounds for the lawsuits were proved in court,"

BP lawyer Konstantin Lukoyanov told Reuters.

BP in talks to settle with Russian partners

Dec 8 (Reuters) - BP (BP.L) has discussed the outline of a possible settlement with its Russian billionaire joint venture partners in TNK-BP [TNKBP.UL], the Financial Times reported on Thursday.

9th December, 2011

BP Board Appointment

The board of BP p.l.c. announced today that Andrew Shilston will join the Board as a non-executive director with effect from 1st January 2012.

Andrew Shilston is currently chief financial officer at Rolls-Royce Holdings plc.

Carl-Henric Svanberg, chairman of BP, said: "We continue to strengthen the Board with world class individuals. Andrew has deep financial and City experience together with industry experience from his time with Enterprise Oil and Cairn Energy. I welcome Andrew to BP."

Andrew Shilston

Andrew Shilston has been chief financial officer of Rolls-Royce Holdings plc since 2002. Prior to that he was Finance Director at Enterprise Oil plc from 1993 to 2002. He was a non-executive director at Cairn Energy plc from 2004 to 2008, and is currently a non-executive director of Circle Holdings plc. He is retiring from Rolls-Royce Holdings plc at the end of 2011.

Following the announcement in October 2011 of Brian Gilvary as chief financial officer, the Board will, from 1st January 2012, comprise 11 non-executive and four executive directors. http://bit.ly/BPboard

RNS Number : 1222U

Bp PLC

16 December 2011


press release

16 December, 2011

BP Announces Settlement with Cameron International Corporation

of Claims Related to the Deepwater Horizon Accident

BP today announced that it has reached agreement with Cameron International Corporation ("Cameron"), the designer and manufacturer of the Deepwater Horizon blowout preventer, to settle all claims between the companies related to the Deepwater Horizon accident and spill. BP and Cameron have concluded that the settlement is in their mutual best interests, and the agreement is not an admission of liability by either party.

Under the settlement agreement, Cameron will pay BP $250 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.

BP and Cameron have agreed to mutual releases of potential claims against each other, and BP has agreed to indemnify Cameron for compensatory claims resulting from the accident, including claims brought relating to pollution damage stemming from the accident or any damage to natural resources. BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims. BP and Cameron will discontinue claims against each other in the Multi-District Litigation pending in New Orleans.

"Today's settlement allows BP and Cameron to put our legal issues behind us and move forward to improve drilling in the safety industry," said Bob Dudley, BP group chief executive. "Cameron is the fourth company to settle with BP and contribute to economic and environmental restoration efforts in the Gulf. Unfortunately, other companies persist in refusing to accept responsibility for their roles in the accident and for contributing to restoration efforts."

BP and Cameron each acknowledge that the Deepwater Horizon accident resulted from complex and interlinked causes involving multiple parties. They agree that the entire industry can and should learn from the accident in order to improve safety in the drilling industry by developing, among other things, standard specifications for blowout preventers and other drill through equipment. BP and Cameron have committed to working together to improve processes and procedures, managerial systems, specifications and safety and best practices in offshore drilling operations. Both BP and Cameron will encourage other companies in the drilling industry to join them in this improvement and reform effort.

Today's announcement follows settlements by BP with MOEX and Anadarko, BP's partners in the Macondo well, and Weatherford, the maker of the float collar used at the well. 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 out approximately $7.5 billion to individuals, businesses, and government entities.

Notes to editors:

-- This settlement agreement will result in the discontinuance of any legal proceedings between BPXP and Cameron, including in Multi-District Litigation 2179 in New Orleans, Louisiana.

-- Cameron shall pay the agreed settlement in cash within 30 days of the effective date of the settlement, which is December 14, 2011.

.

RNS Number : 1627U

Bp PLC


16 December, 2011

Air BP Expands in Brazil

To Meet Growth in Aviation

Air BP announced today the purchase of aviation fuel assets at seven Brazilian airports from Shell Brasil Holding B.V. and Cosan S.A. Industria e Comercio for R$185 million (ca. US$100 million). The acquisition will give Air BP access to Guarulhos, Recife, Viracopos, Curitiba and Pampulha airports, as well as increasing capacity at existing Air BP operations in Galeao and Brasilia. The deal is expected to be completed in the first quarter of 2012 subject to regulatory approvals.

On completion, Air BP will be present at 18 Brazilian airports which together account for some 66 percent of aviation fuel demand in Brazil. The deal adds physical assets such as storage tanks, vehicles and pipelines for into-plane refuelling, allowing Air BP to market fuel direct to commercial airlines and general aviation customers at the new locations.

"This acquisition is another step forward in BP's growth strategy in Brazil which has become a key centre of investment for us," said Tufan Erginbilgic, BP's chief operating officer, refining and marketing. "In addition to achieving strong growth in Air BP and Castrol lubricants, in 2008 we were the first international oil company to invest in Brazil's biofuels industry and we recently took that investment total to well over $1 billion through acquisitions."

In 2011, BP also gained government approvals for the purchase of significant deepwater exploration and production assets in the Campos and Camamu-Almada basins offshore and onshore in the Parnaiba basin.

For Air BP's new investment, approximately 80 employees will be recruited at airports and the head office in Sao Paulo to manage the new business, increasing total headcount by some 70 percent over the next two years.

"Demand growth for aviation fuel in Brazil is well above the average global rates at around 16 percent. The purchase of these new assets will allow Air BP to accelerate its ambitious plans to grow its share of supply. This is a move welcomed by our customers as it will increase competition in the market," said Ricardo Paganini, Air BP country manager in Brazil.

"BP's investments in Brazil are fundamental to our growth agenda. This year has been key to that growth with the significant expansion of BP's exploration and production business in Brazil, the acquisition of CNAA and the Tropical BioEnergia ethanol businesses and now with the expansion of our aviation fuel business. Brazil is a country blessed with natural and human resources and a growing market and we are pleased with the opportunity to be part of the country's industrial development," said Guillermo Quintero, BP Brazil's regional president.

Shares in oil giant BP (BP.) rose almost 2% on Friday as it confirmed that it was to continue with a proposed AU$923 million (£598 million), 150-megawatt solar project in New South Wales, Australia.

However, the company and its partners have yet to sign power-supply agreements. They have failed to meet a 15 December deadline to reach a financial close.

"We continue to remain part of the consortium and we continue to work to bring the project to fruition," Jamie Jardine, a Melbourne-based spokesman for the company, told Bloomberg.

Construction of the plant is expected to start in the second half of 2012.

In fact, earlier this year BP, along with Fotowatio Renewable Ventures and Pacific Hydro, won government funding worth AU$306.5 million from the Australian government, which has set a target of generating 20% of its power from renewable energy sources by the end of the decade, to build the Moree solar farm. The companies aim to build one of the world's largest plants using photovoltaic panels to turn sunlight into power.

The comments made today were in stark contrast to those made by BP earlier this month when it told its employees that it was to quit the solar business after 40 years. The division had become unprofitable due to Chinese competition, leading to oversupply and price competition in the industry. It quit manufacturing entirely in July and revealed that it intended to sell stakes in the more than 158 megawatts of projects it has developed with local partners.

BP sues cement firm for spill costs

OIL giant BP has fired the latest shots in a legal battle over the Deepwater Horizon catastrophe, claiming contractor Halliburton should pay all of its billions of pounds of costs.

Not a bad days work!

BP p.l.c.
Notification of transactions of persons discharging managerial responsibility or connected persons

BP p.l.c. was informed on 19 January 2012, by Fidelity Stock Plan Services LLC, that the following senior executives (persons discharging managerial responsibility) in BP p.l.c. acquired the numbers of BP ADSs (ISIN number US0556221044) shown opposite their names on 18 January 2012 at US$43.770 per ADS, as a result of the vesting of awards made under the BP Deferred Annual Bonus Plan.

Mr M Bly 6,789.143 ADSs
(equivalent to approximately 40,735 ordinary shares)

Mr R Fryar 6,648.503 ADSs
(equivalent to approximately 39,891 ordinary shares)

Mr H L McKay 14,919.944 ADSs
(equivalent to approximately 89,520 ordinary shares)

BP p.l.c. was informed on 19 January 2012, by Fidelity Stock Plan Services LLC, that the following senior executives (persons discharging managerial responsibility) in BP p.l.c. acquired the numbers of BP ADSs (ISIN number US0556221044) shown opposite their names on 18 January 2012 at US$43.770 per ADS, as a result of the vesting of awards made under the BP Executive Performance Plan.

Mr M Bly 5,390.979 ADSs
(equivalent to approximately 32,346 ordinary shares)

Mr R Fryar 4,165.984 ADSs
(equivalent to approximately 24,996 ordinary shares)

Mr H L McKay 10,367.964 ADSs
(equivalent to approximately 62,208 ordinary shares)

This notice is given in fulfillment of the obligation under DTR3.1.4R.

press release

27 January 2012

BP Statement on U. S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

This statement was made on 26 January 2012 in response to the court ruling issued the same day.The full judge's Opinion can be read here: http://www.laed.uscourts.gov/OilSpill/OilSpill.htm

Today's ruling makes clear that contractors will be held accountable for their actions under the law. While all official investigations have concluded that Transocean played a causal role in the accident, the contractor has long contended it is fully indemnified by BP for the liabilities resulting from the oil spill. The Court rejected this view.

Under the decision Transocean is, at a minimum, financially responsible for any punitive damages, fines and penalties flowing from its own conduct. As we have said from the beginning, Transocean cannot avoid its responsibility for this accident.

By contrast, since the spill we have stepped up, acknowledged our role and paid more than $7.8 billion in claims, advances and other payments to individuals, businesses and governments.

The BBC slant - BP must cover some Transocean liabilities for oil spill

Chevron And BP: 2 Undervalued Oil Stocks To Buy Now

BP shares also look undervalued based on a higher than average dividend which is $1.68 per share. This dividend offers a yield of 3.8% which is nearly twice the average for the S&P 500 Index. In a couple of years, the financial impact of the spill should be negligible and the global economy is likely to push oil prices higher. Those two factors could mean significantly higher profits for BP, along with strong gains for the stock price. BP reported $1.63 per share in earnings for the third quarter and the company is expected to announce fourth quarter earnings on February 7, 2012. Many oil stocks have dropped recently after reporting earnings, so it makes sense to buy now and more on any dips.