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?

StockMarketWire.com
BP has confirmed a significant oil discovery at its Gila prospect, which it co-owns with ConocoPhillips, in the deepwater US Gulf of Mexico.

This is BP's third discovery in recent years in the emerging Paleogene trend in the Gulf of Mexico and reflects the company's ongoing commitment to the US offshore region. BP has previously announced two other Paleogene discoveries in the Gulf of Mexico - Kaskida in 2006 and Tiber in 2009.

The Gila discovery was made by an exploration well on Keathley Canyon Block 93, about 300 miles southwest of New Orleans, in approximately 4,900 feet of water. The well, which penetrated multiple Paleogene-aged reservoir sands, was drilled to a total depth of 29,221 feet.

Appraisal drilling, including completion of drilling through the Paleocene section, will be required to determine the size and potential commerciality of the discovery. Regional president of BP's Gulf of Mexico business, Richard Morrison, said: "The Gila discovery is a further sign that momentum is returning to BP's drilling operations and well execution in the Gulf of Mexico."

RBC note today:
"BP has issued an exploration update, containing a mixed bag of good and not good news, with confirmation of a significant discovery in US Gulf of Mexico offset by a $1080m write off.

BP has announced a "significant discovery" at Gila prospect (80% BP) in the Gulf of Mexico (ultra deepwater). This is the third Paleogene discovery BP has made in the Gulf of Mexico, following Kaskida in 2006 and Tiber in 2009 (Gila is around 25m west of Tiber). The news is positive but BP has previously highlighted the potential of Gila. As yet no reserves indication is available, but industry convention tends to assign a scale of around 200mb+ for the description "significant", and this would be around 1% of BP's total global reserves (16804mboe at end 2012). However, this is also an expensive well - the rig has been drilling since March 2013 and was drilled to a total depth of 29,221 feet (around 8,900m). The next step will be to do further appraisal on Gila, and in our view BP will be looking at options for potential sell down of its high stakes in these Paleogene discoveries.
BP has also announced that the BP-operated Pitanga exploration well, offshore Brazil, did not encounter commercial quantities of oil or gas, which has resulted in BP relinquishing the BM-CAL-13 block. The unsuccessful Pitanga well will trigger a write-off of around $230m in exploration costs, as well as a further $850m write-off associated with the value of the block as part of the Devon deal (which BP will treat as a non-operating item). As a reminder, BP acquired the Brazilian oil assets from Devon for $7bn in 2010, meaning the write off is over 10% of its acquisition value.
BP also confirmed the Pitu discovery in the deepwater Potiguar basin (BP 40%) already announced by Petrobras, reminded investors of its 30% stake in Block 20 in the Angola pre-salt on which Cobalt announced its Lontra discovery, and re-emphasised the message of its recent exploration review (18th October) of a return of exploration momentum, with 15 wells completed so far in 2013 (there are nine further wells presently operational, the October update presentation noted up to 18 well completions), and 7 potentially commercial discoveries in India, Egypt, Angola, Brazil and US Gulf of Mexico."

Anyone for a fiver.

Now that the price is approaching £5 I am quite pleased that I opted for the BP DRIP plan and have reinvested dividends from 451p.
Maybe this company will come out of the doldrums at last post Macondo though I am not sure how many more claims will be made against them in the next few years.
Still, looking healthy for a change.

BP lose appeal in US court case.

Analysis - BP back in favour despite spill legacy, Russia doubts

(Reuters) - If you had spent 10 pounds on BP (BP.L) shares on April 19, 2010, you would have just nine pounds now, including dividends. A poor investment, however you cut it, but also a remarkable recovery.

A day later an explosion at the Deepwater Horizon oil rig in the Gulf of Mexico would deal the United States its worst offshore oil spill, and BP would face the wrath of President Barack Obama himself for the death and destruction it caused.

Over the next two months, BP shares lost nearly two thirds of their value as the scale of the disaster threatened to sink the company.

Now some investors are sensing a better future than they had dared to hope.

The shares are flirting with post-spill highs, and are the second-best performer in the industry's top five behind Exxon Mobil (XOM.N) since the start of the fourth quarter.

Final Results

· BP's fourth-quarter replacement cost (RC) profit was $1,507 million, compared with $2,009 million for the same period in 2012. After adjusting for a net charge for non-operating items of $1,003 million and net unfavourable fair value accounting effects of $299 million (both on a post-tax basis), underlying RC profit for the fourth quarter was $2,809 million, compared with $3,852 million for the same period in 2012 with the reduction mainly arising due to lower profits in Upstream and Downstream which were partially offset by higher earnings from Rosneft compared with the earnings we reported for TNK-BP in the equivalent quarter of 2012(d). For the full year, RC profit was $23,681 million, compared with $11,428 million in 2012. After adjusting for a net gain for non-operating items of $10,533 million and net unfavourable fair value accounting effects of $280 million (both on a post-tax basis), underlying RC profit for the full year was $13,428 million, compared with $17,071 million for 2012. RC profit or loss for the group, underlying RC profit or loss and fair value accounting effects are non-GAAP measures and further information is provided on pages 3, 19 and 21.

· All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net adverse impact on a pre-tax basis of $189 million for the quarter and $469 million for the full year. For further information on the Gulf of Mexico oil spill and its consequences, including information on utilization of the Deepwater Horizon Oil Spill Trust fund, see page 12 and Note 2 on pages 25 - 31. Information on the Gulf of Mexico oil spill is also included in Legal proceedings on pages 35 - 37.

· Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the quarter and full year was $5.4 billion and $21.1 billion respectively, compared with $6.4 billion and $20.5 billion in the same periods of 2012. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the fourth quarter and full year was $5.3 billion and $21.2 billion respectively, compared with $5.8 billion and $22.9 billion in the same periods of 2012. We expect to see net cash provided by operating activities of between $30 billion and $31 billion in 2014(e), consistent with the cash flow objectives we set in 2011 as part of our 10-point plan.

· Net debt at the end of the quarter was $25.2 billion, compared with $27.5 billion at the end of 2012. The ratio of net debt to net debt plus equity at the end of the quarter was 16.2% compared with 18.7% at the end of 2012. We will continue to target a net debt ratio in the 10-20% range, while uncertainties remain. Net debt and the ratio of net debt to net debt plus equity are non-GAAP measures. See page 4 for more information.

· The reserves replacement ratio on a combined basis of subsidiaries and equity-accounted entities, was 129%(f) for the year, excluding the impact of acquisitions and disposals. Including the net growth in our Russian portfolio as a result of the change in our holdings, the reserves replacement ratio on a combined basis was 199%.

· BP today announced a quarterly dividend of 9.5 cents per ordinary share ($0.57 per ADS), which is expected to be paid on 28 March 2014. The corresponding amount in sterling will be announced on 17 March 2014. See page 4 for further information.

£5 for the 1st time in 2 years.

BP loses bid to block seafood fund payments

(Reuters) - A U.S. federal judge on Wednesday denied BP Plc's (BP.L) request to halt payments from the $2.3 billion fund it created to compensate commercial fishermen for financial losses after the British company's 2010 offshore oil spill, according to court records.

BP had sought to block the payments after alleging that some individuals supposedly injured by the spill, clients of attorney Mikal Watts, did not exist. The company said it has already paid out more than $1 billion from the so-called Seafood Compensation Fund.

more...

No real surprise...

U.S. court rejects BP appeal over Gulf spill losses

(Reuters) - A divided U.S. appeals court on Monday rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster.

By a 2-1 vote, the 5th U.S. Circuit Court of Appeals in New Orleans upheld a December 24 ruling by U.S. District Judge Carl Barbier in New Orleans, authorizing the payments on so-called business economic loss claims. It also said an injunction preventing payments should be lifted.

BP PLC BP's response to Fifth Circuit decision of March 3


BP PLC BP's response to Fifth Circuit decision of March 3
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BP PLC

04 March 2014


press release

March 4, 2014

BP's response to Fifth Circuit decision of March 3, 2014

BP disagrees with the decision by the U.S. Court of Appeals for the Fifth Circuit denying the company's request for a permanent injunction preventing certain payments under the Economic and Property Damages Settlement (the "settlement") it reached in 2012. BP had asked the Court to prevent payments to business economic loss (BEL) claimants whose alleged injuries are not traceable to the Deepwater Horizon accident and oil spill. BP believes that such BEL claimants are not proper class members under the terms of the settlementand is considering its appellate options.

The Judges on the panel split three ways, with two Judges voting to affirm the District Court and deny permanent injunctive relief but without agreeing in all respects on a rationale. By denying the relief BP requested, however, BP believes that today's decision will improperly allow for the payment of losses with no connection to the spill. BP further believes that unless this problem is fully corrected, the settlement cannot be upheld under the law. BP has accordingly already sought en banc rehearing of the January 2014 decision by a separate panel of the Fifth Circuit upholding the validity of the settlement. The full Court has not yet reached a decision on BP's en banc rehearing petition.

BP has already secured a favourable ruling in the courts regarding the matching of revenues and expenses in calculating BEL claims. In December 2013, after ten months of litigation, including two appeals to the Fifth Circuit, the District Court reversed its prior rulings and held that the Court Supervised Settlement Program (CSSP) must ensure that claimants' reported revenues and expenses are correctly matched for the purposes of determining awards under the settlement.

Under the terms of today's decision, the injunction temporarily suspending issuance of final determination notices and payments of all BEL claims, including claims currently in the appeal process, will be vacated. The lifting of the injunction will not take place until the case is transferred back to the District Court, the timing of which may be affected by a potential filing by BP of a petition requesting en banc rehearing of the March 3 decision.

As of December 31, 2013, BP held no provision for BEL claims payable under the settlement because no reliable estimate could be made. A provision for BEL claims will be established when the uncertainties referred to in BP's fourth quarter and full year 2013 results announcement dated February 4, 2014 are resolved and a reliable estimate can be made of the liability.

BP creates new US onshore oil and gas business

BP is creating a new business to manage its US onshore oil and gas assets, in an effort to compete more effectively with the smaller independent companies that dominate America’s shale industry.

Analysts said BP could ultimately sell the new unit if its performance did not improve. Last year, the oil group said it planned to divest $10bn of assets by the end of next year – on top of the $38bn disposal programme implemented in the wake of the 2010 Deepwater Horizon disaster.

Deutsche Bank Buy 491.48 491.50 540.00 540.00 Reiterates

BP says shore clean-up after Gulf of Mexico oil spill ends

BAKU, April 23 (Reuters) - Azeri state energy company SOCAR's shipyard and British oil major BP BP.L have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project, BP said on Wednesday. Azerbaijan's biggest gas field, Shah Deniz is being developed by consortium partners BP, Statoil STL.OL , SOCAR and others. Shah Deniz I has been pumping gas since 2006 and has an annual production capacity of about 10 billion cubic metres of natural gas. The next phase, Shah Deniz II, is important for Europe in terms of providing an alternative to gas supplies from Russia's Gazprom GAZP.MM . Shah Deniz II is expected to produce 16 bcm of gas per year from around 2019, with 10 bcm earmarked for Europe and 6 bcm for Turkey. Construction of the multipurpose vessel is expected to be completed in April 2017 and will be used to install subsea structures over 11 years between 2017 and 2027. It will be designed by Marine Technology Development, the ship design and development arm of Keppel Offshore & Marine. "This new flagship vessel for the Caspian, to be built by Baku Shipyard, will provide essential support for the construction of the (Shah Deniz) Stage 2 subsea structures which will form the biggest subsea production system in the Caspian," Gordon Birrell, BP's president for the Azerbaijan-Georgia-Turkey region, said in a statement.

£5 beckons.




Canaccord Genuity Buy 494.18 530.00 530.00 Reiterates

Societe Generale Buy 494.18 540.00 540.00 Reiterates

Jefferies International Buy 494.18 - 570.00 Initiates/Starts

BP reports 1st quarter results;increases dividend

BP today announced its financial results for the first quarter of 2014. Underlying replacement cost profit1 for the quarter was $3.2 billion, compared with $2.8 billion for the previous quarter and $4.2 billion for the first quarter of 2013. Operating cash flow in the quarter was $8.2 billion.

The company also announced a quarterly dividend of 9.75 cents per ordinary share to be paid in June, 8.3% higher than a year earlier. As previously advised, the Board will continue to review the level of the dividend with the first and third quarter results each year.

BP Group Chief Executive Bob Dudley commented: "This is a very solid start to 2014. Operating cash flow was strong in the first quarter, we have seen further exploration success and upstream project start-ups, and the upgraded Whiting refinery is ramping up steadily. We remain confident of delivering our 10-point plan targets that we set in 2011 for delivery in 2014."

BP is now nearing completion of its current $8 billon share buyback programme, with $7.6 billion spent repurchasing shares for cancellation. So far BP has agreed divestments totalling over $3.0 billion - including the agreement last week to divest a number of assets in Alaska -- towards its expectation of agreeing $10 billion in additional divestments by the end of 2015. BP expects to use the post-tax proceeds from these divestments primarily for distributions to shareholders, biased towards share buybacks.

Dudley commented: "We expect material growth in operating cash flow, coupled with disciplined investment, to deliver sustainable growth in free cash flow. This will support increasing distributions to our shareholders. As well as progressive growth in the dividend per share, we expect to use surplus cash to support further distributions through share buy-backs or other mechanisms."

BP's Upstream segment reported $4.4 billion underlying pre-tax replacement cost profit for the first quarter, compared with $3.8 billion for the previous quarter and $5.7 billion for the first quarter of 2013. Compared to a year ago, the result was affected by the impact of divestments and higher non-cash costs.

Following on from the decision to create a separate BP business around its US lower 48 onshore oil and gas activities, and as a consequence of appraisal results, BP has decided not to proceed with development plans in the Utica shale. The Upstream result includes a write-off relating to the Utica acreage.

The Downstream segment reported $1.0 billion underlying pre-tax replacement cost profit for the first quarter, compared with $70 million for the fourth quarter of 2013 and $1.6 billion for the first quarter last year. Compared with a year ago, the result was primarily impacted by a weaker refining environment. Both Upstream and Downstream results included a strong contribution from trading activities.

BP also reported an estimated underlying pre-tax replacement cost profit for Rosneft2 of $271 million for the quarter. This result was adversely affected by depreciation of the rouble against the US dollar.

Total group reported production of oil and gas for the quarter, including Russia, was 3.13 million barrels of oil equivalent a day (boe/d). BP's share of Rosneft oil and gas production for the quarter2 was one million boe/d.

Excluding Russia, underlying production3 was slightly lower than a year earlier as higher output from new projects in the North Sea, Angola and Gulf of Mexico was offset by turnaround activity in Angola and lower production elsewhere. Reported production, excluding Russia, was 8.5% lower reflecting both the expiry in January of the onshore concession in Abu Dhabi and the impact of divestments.

Reported production, excluding Russia, is expected to be lower in the second quarter due to planned seasonal turnaround activity.

more...

And there is the £5.

Statoil Completes Sale of Shah Deniz, South Caucasus Pipeline Stake

Norwegian oil major Statoil ASA (STO) said Tuesday that on 1 May 2014 it completed the farm down of 10% of its interest of 25.5% in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company Limited to BP (3.33%) and SOCAR (6.67%).


MAIN FACTS:
-The consideration for the sale and transfer of these assets is $1.45 billion.

-Statoil also holds 20% share in Trans Adriatic Pipeline (TAP) AG which is developing the pipeline for transport of the Shah Deniz gas to European markets.

-Licensees in Shah Deniz: BP 28.8%, SOCAR 16.7%, Statoil 15.5%, Lukoil 10%, NICO 10%, Total 10% and TPAO 9%.

BP p.l.c. Share Repurchase Programme

On 22 March 2013 BP p.l.c. (the "Company") announced an $8bn share repurchase programme. The Company has today entered into a repurchase mandate agreement with an independent third party and, within this new mandate period, it is expected that the $8bn share repurchase programme will be completed and that share repurchases will continue in the ordinary course thereafter. The repurchase mandate agreement follows the expiry of the repurchase mandate agreement previously entered into and announced in respect of the period of 30 April 2014 to 13 June 2014.

Under the repurchase mandate agreement entered into today, the independent third party will manage the share repurchases for the period of 16 June 2014 to 29 July 2014.

The independent third party will make its trading decision in relation to the purchase of the Company's securities independently of, and uninfluenced by the Company. On purchase, the Company's shares will be cancelled.

The purpose of the share buy-backs is to reduce the Company's issued share capital.

Any purchases will be effected within certain pre-set parameters and in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2014 Annual General Meeting and Chapter 12 of the Listing Rules.