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?

Angola production starts at BP-operated PSVM

Sociedade Nacional de Combustíveis de Angola (Sonangol E.P.), as the concessionaire, BP Exploration Angola, as the operator, and the partners of Block 31, today announced that production from the PSVM development area in Block 31, offshore Angola, has started.

Initial production comes from three production wells in Plutao field and is expected to ramp up to around 70,000 barrels of oil per day. PSVM is expected to build towards plateau rates of 150,000 barrels of oil per day over the coming year with the additional production from Saturno and Venus fields in 2013 and Marte in 2014.

Bob Dudley, BP group chief executive, said: "PSVM is one of the largest subsea developments in the world and was one of BP's key project start-ups for 2012 as we grow higher-margin production. Over the coming decade, we expect Angola, where we have extensive interests from exploration through to production, to be one of the main hubs delivering growth for BP."

final results next week(tuesday)

Fourth Quarter 2012 Results

4Q2012 SEA Part 1 of 1


BP today announced its financial results for the fourth quarter and full year of 2012. Underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, was $4.0 billion for the fourth quarter, compared to $5.0 billion for the same period in 2011. For the full year, underlying replacement cost profit was $17.6 billion compared to $21.7 billion in 2011.

Bob Dudley, BP Group Chief Executive, said: "We have moved past many milestones in 2012, repositioning BP through divestments and bringing on new projects. This lays a solid foundation for growth into the long term. Moving through 2013 we will deliver further operational milestones and remain on track for delivery of our ten-point strategic plan, including our target for operating cash flow growth, by 2014."

Operating cash flow in the fourth quarter of 2012 was $6.3 billion, and $20.4 billion for the full year compared to $22.2 billion in 2011. At the end of 2012, BP's net debt was $27.5 billion - down from $31.5 billion at the end of the third quarter - representing a gearing level of 18.7%, within BP's 10-20% target gearing range.

BP announced a quarterly dividend of 9 cents a share, to be paid in March.

results and dividend are better than expected.

Why the crash then?

twitchy in front of Deepwater Horizon legal claims

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BP urged to keep up Gulf expansion

BP should keep expanding its operations in the Gulf of Mexico even as the company braces for the start of a trial to determine blame for America’s worst offshore oil spill, a leading investor has said.

During the long-delayed and high-profile trial, which is due to start in New Orleans on February 25, US government prosecutors will try to pin the blame for the 2010 spill on BP and secure a fine that could reach $20bn (£13bn).
Despite the unwelcome publicity the trial is expected to generate in the states that line the Gulf, City investors say that the region must remain central to BP’s future.
“The Gulf of Mexico is a key area,” said one top-five shareholder who asked to remain anonymous. “It is part of the investment case in BP.”

U.S. judge accepts BP collected 810,000 barrels in spill

LONDON/SAN FRANCISCO | Wed Feb 20, 2013 5:11am GMT

(Reuters) - A U.S. judge ruled on Tuesday that BP Plc recovered 810,000 barrels of oil from its 2010 spill site and that this amount should be excluded from certain penalties it may face, cutting its maximum fine by as much as $3.5 billion (2.2 billion pounds).

Just days before he presides over a spill-related civil trial due to start on February 25 in New Orleans, U.S. District Judge Carl Barbier deemed those barrels as 'collected' during the spill. BP had sought this reduction in the penalty-relevant total more than a month ago.

"The 'Collected Oil' flowed from the subsurface reservoir, through the well, through the blow-out preventer, and never came into contact with any ambient sea water, and was not released to the environment in any way," the ruling said.

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Worth a read What will the Deepwater Horizon trial mean for BP's share price?

Thank you Skinny,

It concludes that the production and profit is improving rapidly.

BP accepts role in spill at trial, aims to spread blame

NEW ORLEANS | Wed Feb 27, 2013 12:37am GMT

(Reuters) - After hearing claims that BP Plc put profits above safety in the first day of court testimony over the 2010 Gulf of Mexico disaster, a senior executive for the oil company insisted the blame should be shared.

Lamar McKay, BP's global head of exploration, production and development, said on Tuesday the company's role as designated operator on the doomed Macondo well did not mean it was the only company at fault.

Very good words for a snap headline, but I don't recall BP making any profits at deepwater, surely it was "costs" they were trying to reduce? Show me any successful company that doesn't keep costs under control.
Sharing the blame is good as it should be in proportion to those "profits" - then BP would owe near-zero and the contractors will be in-line (as they should, depending on the US Court findings, er, IMHO and knowing little less than I read . . . ).
Like many folks here and in US I both Hold and benefit via collective Pension investments . . . so let's try to be reasonable about "blame" - sometimes oil-rigs do blow, just as BOP valve don't appear to be able to do their job either . . . . how are they tested, I wonder? Maybe the "test" needs to be increased to 10x expectations . . . Oooo-er.

BP faces escalating spill payouts after court ruling

LONDON | Thu Mar 7, 2013 1:28pm GMT

(Reuters) - BP must keep paying certain types of oil spill compensation in much larger amounts and to more parties than it was expecting, according to a court ruling this week, which could add billions of dollars to its final bill.

The March 5 ruling, made by the New Orleans court where it is battling to keep a lid on other fines and penalties, was outlined in BP's annual report. It widens the gulf between the company and those ranged against it inside and outside the court. BP said it would appeal.

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BP appeal over 'absurd' Gulf oil spill payouts

Oil giant BP is taking legal action in the US to limit payouts by a fund set up to compensate those affected by the 2010 oil spill in the Gulf of Mexico.

BP said some of the claims being paid by the scheme's administrator were "fictitious" and "absurd".

BP set aside $7.8bn (£5.2bn) when it agreed to pay compensation in 2012, but it now expects a much higher total.

The Deepwater Horizon disaster released an estimated four million barrels of oil into the Gulf.

BP PLC Q4 2012 payment of dividends in

ROSNEFT AND BP COMPLETE TNK-BP SALE AND PURCHASE

Key points:

· Rosneft and BP today completed a number of transactions, in line with the terms announced in October 2012. As a result of the transactions:


o BP receives net $12.48billion in cash, including a TNK-BP dividend of $0.71billion, and 18.5 per cent Rosneft shares;

o Rosneft becomes holder of BP's 50 per cent interest in TNK-BP in exchange for $16.65billion in cash and 12.84 per cent of Rosneft shares;

o OFSC ROSNEFTEGAZ sells 5.66 per cent in Rosneft to BP in return for $4.87billion in cash;



· Robert Dudley joined the steering committee on TNK-BP integration chaired by Igor Sechin and has been nominated to the Rosneft Board of Directors.

BP to use TNK-BP cash for $8bn buyback

BP will launch a share buy-back worth as much as $8bn following the sale of its stake in TNK-BP, the oil group’s joint venture in Russia with the Kremlin-controlled oil group Rosneft.

The oil major, which completed the sale of its 50 per cent stake in TNK-BP to Rosneft on Thursday, received around $12.5bn in cash for the sale.