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 reaches $7.8n deal over Deepwater Horizon oil spill

BP says it has reached a $7.8bn (£4.9bn) deal with the largest group of plaintiffs suing the company over the 2010 Deepwater Horizon oil rig spill.

It will benefit some 100,000 fishermen, local residents and clean-up workers whose livelihoods or health suffered.

A trial in the case, due to begin on Monday, will now be delayed - for a second time - as a result of the deal, Judge Carl Barbier said.

The settlement will "likely result in a realignment of the parties," he said.

The trial is now being adjourned "in order to allow the parties to reassess their respective positions," Judge Barbier said.

BP spill settlement clears way for comeback

BP’s Shares Poised to Rise Following $7.8b Settlement

Former BP executive Tony Hayward was grilled on past safety record, oil spill deposition shows

BP Unlikely To Return To Bumper Dividend Despite Gulf Settlement – Source

sp steadily dropping, any news on the US court case?

They accepted to consider the evidence presented by BP regarding the amount of oil spill following the request by BP.

BP, private plaintiffs settle over Gulf oil spill

(Reuters) - BP Plc on Wednesday said it has reached definitive agreements with well over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.

http://finance.yahoo.com/q?s=BP.L&ql=0

MADRID (MarketWatch) -- Shares of BP PLC UK:BP -1.13% BP -1.62% fell over 2% in London on Friday after an audit by the U.S. Department of Justice found the oil major owes an additional $64 million in payments related to the April 20, 2010 Deepwater Horizon oil spill. ....


Interesting point is that, BP market cap fell over £1.5bln on the news about £40mln cost.

BP FIRST QUARTER 2012 RESULTS

Canaccord note:
"We are raising BP from Hold to Buy, in a sector report published today. We think the shares’ weakness – notably a return to near post-Macondo lows vs the US majors – leaves valuations discounting very little upturn in BP fortunes. We are not convinced of the strength of BP’s longer-term growth, but see a strong recovery in 2013-14. Meanwhile, we think current sentiment leaves room for good upside in the case of material progress on issues such as a US settlement over fines, or further disposals. We have been cautious on the integrated oils for the past few months, but after the European sector’s 7% underperformance YTD we see a much better risk/reward balance. In particular, 1) sector valuations are looking increasingly attractive to us, with 47% average upside to our SoP values, and 2) we are much more comfortable on downside risks with Brent having pulled back below $110/b.
Operationally, we expect E&P results to continue to weaken in the short term due to high summer maintenance, but this has now been well flagged and we think 4Q12 could mark the start of a more visible upstream recovery. Meanwhile, near-term results could see solid support from the sharp recovery seen in refining margins, notably in the US where BP has a large proportion of its capacity. After a weak 2012, we see a bounce in E&P volumes of 4-5%pa (ex TNK-BP) in 2013-14, with a significant boost to average margins. Thereafter, we think the longer-term outlook is one of limited volume growth (sub-1% pa) and much higher capex, albeit with good potential for exploration catalysts. While this makes us somewhat cautious on the shares’ long term prospects, we think they could perform well on a 6-12 month view.
We see 44% upside to our SoP estimate, which is close to the sector average, and a 2013E EV/DACF multiple only slightly above average. BP still has the uncertainty over Macondo, but we think this is an attractive valuation for a European oil stock with limited Eurozone exposure. We forecast a prospective dividend yield of 5.2% for FY12 and 5.7% for FY13E, with a 2013-14 free cash yield of 7.5-8%.
We see main potential catalysts as: 1) any progress on settlement in the US over Macondo fines, 2) material further disposals ($15bn remains vs target) and 3) signs of E&P performance bottoming. TNK-BP remains one of the key risks in our view.

Didn't they raise HSBA to 600p last week?

BP NOTIFIES PARTNERS OF ITS INTENTION TO PURSUE
A POTENTIAL SALE OF ITS INTEREST IN TNK-BP


BP announced today that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP.

In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale.

There can be no guarantee that any transaction will take place.

A further announcement will be made when and if appropriate.

TNK-BP: a frosty relationship that failed to thaw
Basic disagreement between BP and its partners about the purpose of their Russian joint venture has led to the sale move, says Emily Gosden.


BP's board took the final, unanimous decision to try to sell its stake in TNK-BP late on Thursday afternoon, at the British oil major’s headquarters in London’s St James’s.

But for many months, its management had been coming to the conclusion that, after years of bitter public disputes with its oligarch partners, the writing was finally on the wall for its troubled Russian joint venture.

Relations with the Alfa-Access-Renova consortium – headed by Mikhail Fridman, Len Blavatnik, Viktor Vekselberg and German Khan – had reached stalemate on both corporate governance and day-to-day management.

According to a source close to AAR, at the heart of the problem was a fundamental disagreement over the purpose of the venture. “BP view TNK-BP as a Russian subsidiary, AAR view it an oil company with global ambitions. The latter implied it would be a competitor to BP.”

That same dispute over the oligarchs’ ambitions for international expansion was behind the dramatic showdown that saw Bob Dudley – then chief executive of TNK-BP, now chief executive of BP – hounded out of Russia in 2008.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9307017/TNK-BP-a-frosty-relationship-that-failed-to-thaw.html

I wonder if it might be worth having a stake in this now as it seems a good possibility that some of the money from the proposed sale of TNK-BP will be returned to shareholders? Sub 400p doesn't seem such a bad entry point.

Agree HC, also possibility of a takeover if tank/bp goes. Bought a few last week.

Some words of caution chaps, BP may get a V. heavy fine for their part in the oil spill in the U.S. at some stage.

Duly noted Stan, though I think that is a way off and will be subject to countless appeals. I am hoping the TNK situation will have been sorted by then.

Thanks also for the heads up on the possible fine. If that were to come to a satisfactory solution for BP, I could see £6+ a share. So looking at this for a medium term hold in my SIPP, and collecting the divis along the way. This approach and the TNK/BPissue, plus the change/speculation of a takeover make the current price a reasonable entry point in my view, H

BP TO SELL INTERESTS IN TWO NORTH SEA FIELDS

BP announced today that it has agreed to sell its interests in the Alba and Britannia fields in the UK North Sea to Mitsui & Co., Ltd. ('Mitsui') for $280m in cash.

The sale comprises BP's non-operating 13.3% stake in Alba and 8.97% stake in Britannia. Completion of the deal is anticipated by the end of Q3 2012, subject to regulatory and other licensee approvals.

The agreement is a further example of BP's active management of its business portfolio in the North Sea, focusing on core activities and future growth.