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?

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.

Barclays note:
"BP will announce 2Q results on 31 July. Marking to market for the quarter we estimate net income at $4.6bn. This will be 18% lower y/y and 5% lower q/q and is primarily a reflection of a Brent oil price in 2Q 2012 nearly $10/bl lower both y/y and q/q. BP has also undertaken routine maintenance at some of its high margin Gulf of Mexico fields in the US, which will further reduce upstream profitability. The downstream is set to provide some offset to this with windfall earnings given the rapid fall in input pricing but is still not enough to generate positive earnings momentum. BP’s shares have performed broadly in-line with the sector since the start of the year and we continue to see strategic challenges for the group given the continued uncertainties in Russia and the shadow of a potential Macondo trial. We rate the shares 3-Underweight.

Upstream – falling prices and high-margin maintenance: With its 1Q results in May BP indicated that 2Q volumes would be lower and costs higher given normal seasonal turnarounds concentrated on the high-margin production in the Gulf of Mexico. In previous years this seasonal swing has been c155kb/d, and assuming a similar swing this quarter we expect production of 3.28m boe/d for 2Q (5.8kcf=1boe). This is down 3% y/y and 4% q/q. The combination of the weaker Brent and Henry Hub marker prices should have seen a near $950m deterioration in upstream operating profits over the quarter. However, given the high-margin barrels lost through maintenance together with the normal lag in taxation in Russia we expect the overall fall to be greater than indicator pricing would suggest. As a result we are looking for Upstream profits at $6.15bn.

Downstream – a better quarter: According to BP’s website the group’s RMM (refinery marker margin) averaged $15.82/bl in 2Q. This compares to $11.6/bl in 4Q and $13.9/bl in 2Q 2011. Based on the company rules of thumb this would suggest an improvement in profitability of c$700m. Although marketing is likely to have benefited from a parachute effect of the falling oil price, we would expect some of this to be offset by adverse exchange rate moves, maintenance in the US and the continued weak trading conditions in chemicals. We are looking for $1.5 bn of R&M operating profit for 2Q, up 67% on 1Q and 11% on year ago levels.

"Rosneft eyes BP’s stake in TNK-BP
By Charles Clover and Courtney Weaver in Moscow
Russia state oil company Rosneft announced its interest in acquiring oil major BP’s 50 per cent stake in TNK-BP, its Russian joint venture, in a move that could shake up Russia’s oil industry and increase Rosneft’s already hegemonic role.
Igor Sechin, president of Rosneft made the announcement on Tuesday. “Rosneft … considers the potential acquisition of BP’s participation in TNK-BP to be an attractive commercial proposition” Mr Sechin said in a prepared statement. “The potential acquisition would complement its existing portfolio and create value for all stakeholders.”
Mr Sechin seemed to indicate that were Rosneft to acquire the stake it would open up exploration opportunities which private companies have had limited access to in Russia for some time, such as lucrative fields in east Siberia.
“Rosneft believes there are considerable synergies to be gained in eastern Siberian upstream, gas development, crude and product logistics optimisation and other areas,” he said.

Nomura note:
"We expect the initial reaction for BP shares today to be positive, particularly given the nature of the Rosneft statement – at the time of writing, TNK-BP shares had risen 7%. However, the critical questions remain price, payment and timing for any deal BP makes in Russia. A number of options remain for BP. Nonetheless, it’s been made clear the status quo will not remain nor that BP will become a minority partner with Alfa. We also increasingly believe a vanilla cash transaction with one of the Russian NOCs is unlikely, with the potential for a share swap or asset deal perhaps put on the table. We note that Rosneft held USD 3.5bn of unrestricted cash and a net debt/equity ratio of 20% at the end of Q1 12. Our current valuation of BP’s share of TNK-BP is USD 27bn (c.90p/share) in a sum-of-parts of 553p. BP has not yet made a statement and we expect further colour from management either with the Q2 results next week (31 July) or earlier.
We maintain a Neutral rating on BP – on Russia, our conclusions are that negotiations will take time and that newsflow is likely to be both positive and negative before a clearer picture of what BP’s role there will be and what cash they may be able to monetise."

BP SECOND QUARTER 2012 RESULTS

Second quarter and half year 2012(a)

BP profits fall sharply after it cuts asset values

Oil giant BP has reported a sharp fall in profits in the second quarter of the year after it had to cut the value of a number of its key assets.

The company made a replacement cost profit - which strips out the effect of oil price movements - of $238m (£151m) in the April to June quarter.

This compares with a profit of $5.4bn a year earlier.

BP said it had to cut the value of its US shale gas assets and a number of its refineries.

It said its profits were also reduced by the decision to suspend its Liberty offshore oil project in Alaska.

BP chief executive Bob Dudley said: "We recognise this was a weak earnings quarter, driven by a combination of factors affecting both the sector and BP specifically."

DCC to buy BP's UK LPG business

BP announced today that DCC plc, the sales, marketing, distribution and business support services group, has agreed to buy its liquefied petroleum gas (LPG) distribution business in the UK.

BP is retaining its automotive LPG business which will move into BP's UK Fuels Value Chain, which runs the company's fuels business including service stations.

The total consideration payable by DCC is $63m (£40.5 m) on a cash free/debt free basis, to be satisfied in cash at completion.

BP TO SELL TEXAS MIDSTREAM GAS ASSETS


BP America Production Company announced today that it has agreed to sell its Sunray and Hemphill gas processing plants in Texas, together with their associated gas gathering system, to Eagle Rock Energy Partners for $227.5 million in cash.

The Sunray plant, in Moore County, and the Hemphill plant, in Hemphill County, have combined processing capacity of approximately 220 million cubic feet of gas a day (mmcf/d) and an associated gathering system of around 2,500 miles of pipelines.

BP believes these assets, which serve BP's natural gas production in the Texas Panhandle region, will be more strategically valuable to a company that specializes in midstream oil and gas operations. The agreement does not include BP's natural gas producing assets in the area.

The transaction is expected to close in the fourth quarter of 2012, subject to regulatory approvals and customary closing conditions.

BP's North America Gas business has a high quality portfolio of assets with a presence in seven of the leading gas basins in the US Lower 48 states. In 2011, BP produced over 1,800 mmcf/d natural gas in the US. BP's US onshore upstream operations are an integral part of its business, and the company continues to look at opportunities for growth over the long-term.

BP AGREES TO SELL CARSON REFINERY AND ARCO RETAIL NETWORK IN US SOUTHWEST TO TESORO FOR $2.5 BILLION

BP announced today it has reached agreement to sell its Carson, California refinery and related logistics and marketing assets in the region to Tesoro Corporation for $2.5 billion in cash (including the estimated value of hydrocarbon inventories and subject to post-closing adjustments) as part of a previously announced plan to reshape BP's US fuels business.

"Today's announcement is a significant step in the strategic refocusing of our US fuels business," said Iain Conn, chief executive of BP's global refining and marketing business. "Together with the intended sale of Texas City, this will allow us to focus BP's operations and investments exclusively on our three northern US refineries, which are crude feedstock advantaged, and their large and important marketing businesses."

U.S. lays out examples of "gross negligence" by BP

WASHINGTON | Wed Sep 5, 2012 3:32am BST

(Reuters) - The U.S. Justice Department is ramping up its rhetoric against BP PLC for the massive 2010 oil spill in the Gulf of Mexico, describing in new court papers examples of what it calls "gross negligence and wilful misconduct."

The court filing is the sharpest position yet taken by the U.S. government as it seeks to hold the British oil giant largely responsible for the largest oil spill in U.S. history.

Worth a look, IMO

BP in $7 billion asset sale talks with Plains Exploration - source


NEW YORK | Mon Sep 10, 2012 3:32am BST
(Reuters) - BP is in talks to sell some of its Gulf of Mexico oil fields to Plains Exploration & Production Co for roughly $7 billion (4.3 billion pounds), a person familiar with the matter said on Sunday, as the U.K. oil firm looks to raise money to pay for damages from the 2010 oil spill.

The amount BP will have to pay in damages for the Deepwater Horizon oil spill -- America's worst ever -- is still in dispute. But last month the U.S. Justice Department accused the company of gross negligence and wilful misconduct over the spill, a position that could lead to nearly $21 billion in civil damages if a federal judge agrees.

BP and Russian Rosneft close to TNK-BP stake sale deal

BP, the British oil giant, is reportedly close to selling its 50% stake in Russian joint venture TNK-BP to Rosneft, the state-owned oil company.

Under the terms of the deal, BP would take a 12.5% stake in Rosneft worth about $10bn (£6.2bn) plus $15bn in cash, said Russian newpaper Kommersant.

BP and Rosneft are keen to explore the Russian Arctic for oil together.

On Tuesday, Russian President Vladmir Putin held talks with both firms.

But a BP spokesman told the BBC: "Talks with all interested parties are continuing. No formal offers have been received, so any figures being bandied about are pure speculation at this stage."

According to other reports, Rosneft has been sounding out US banks for loans to finance the deal.

TNK-BP co-owners to bid for entire BP stake - source

MOSCOW | Wed Sep 26, 2012 7:43am BST

(Reuters) - The billionaire quartet that owns half of Anglo-Russian oil firm TNK-BP (TNBP.MM) is interested in buying out BP's 50 percent stake, and will make a binding all-cash offer by mid-October, a source familiar with the matter said on Wednesday.

"We will pay cash, but have not yet determined the price," the source, who is close to the AAR consortium that represents shareholders Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik.

AAR had said it was willing to pay $10 billion for a 25 percent stake in TNK-BP, Russia's third-largest oil company. BP, which put its stake up for sale in June, was not interested in that offer, sources said.

TNK-BP co-owners to bid for entire BP stake

MOSCOW | Wed Sep 26, 2012 7:21pm BST

(Reuters) - The billionaires who own half of Russian oil firm TNK-BP plan to make a cash offer for BP's 50 percent stake, raising the prospect of a bid contest with state-backed Rosneft that would start at around $20 billion.

Such an auction would pit the four Soviet-born tycoons, who amassed their assets in the chaotic 1990s, against Rosneft's chief executive Igor Sechin, a confidant of President Vladimir Putin who wants to build his company into a national champion.

Oil sheen near Deepwater Horizon site from Macondo, US says

HOUSTON | Thu Oct 11, 2012 4:21pm BST

(Reuters) - An oil sheen spotted on the Gulf of Mexico near the site of the sunken Deepwater Horizon rig matches samples from BP Plc's (BP.L) ill-fated Macondo well, the U.S. Coast Guard said.

BP reported a sheen on September 16 in block 252 of the Mississippi Canyon, about 50 miles (80 km) off the Louisiana coast. Test samples indicate that "the sheen correlates to oil that originated from BP's Macondo Well", the Coast Guard said in a statement late on Wednesday.

Swiss-based Transocean Ltd (RIG.N) owned the Deepwater Horizon drilling rig and London-based BP was the operator of the Macondo well, which ruptured on April 20, 2010, killing 11 workers and unleashing the worst U.S. offshore oil spill. BP and Transocean had no immediate comment on the sheen.

I can't believe BP share is only 430p.