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


BP PLC BP's response to Fifth Circuit decision of March 3
Share On FacebookTweet Print
Alert
TIDMBP.

RNS Number : 4551B

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.

2+ year high @520.70p.

On edit - 521.30p

Skinny, I like what I see - a share price growth.
Have held these for years and looking forward to lots more share repurchases and a growing share price especially if the dividends are maintained!
TT

Hi TT - its been a long wait, but finally worth it!

2nd Quarter Results

Second quarter and half year results 2014(a)

· BP's second-quarter replacement cost (RC) profit was $3,182 million, compared with $2,400 million a year ago. After adjusting for a net charge for non-operating items of $481 million and net favourable fair value accounting effects of $28 million (both on a post-tax basis), underlying RC profit for the second quarter 2014 was $3,635 million, compared with $2,712 million for the same period in 2013. For the half year, RC profit was $6,657 million, compared with $18,996 million a year ago which included a $12.5-billion gain relating to the disposal of our interest in TNK-BP. After adjusting for a net charge for non-operating items of $257 million and net favourable fair value accounting effects of $54 million (both on a post-tax basis), underlying RC profit for the half year was $6,860 million, compared with $6,927 million for the same period last year. 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 and 31.

· All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net pre-tax charge of $260 million for the quarter and $299 million for the half 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 10 and Note 2 on page 18. See also Principal risks and uncertainties on page 35 and Legal proceedings on page 42.

· Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the quarter and half year was $7.9 billion and $16.1 billion respectively, compared with $5.4 billion and $9.4 billion for the same periods in 2013. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the second quarter and half year was $7.6 billion and $16.5 billion respectively, compared with $5.2 billion and $9.5 billion respectively for the same periods in 2013.

· Net debt at 30 June 2014 was $24.4 billion, compared with $18.2 billion a year ago. The ratio of net debt to net debt plus equity at 30 June 2014 was 15.5%, compared with 12.3% a year ago. Net debt and the ratio of net debt to net debt plus equity are non-GAAP measures. See page 27 for more information.

· Total capital expenditure on an accruals basis for the second quarter was $5.6 billion, almost all of which was organic*. For the half year, total capital expenditure on an accruals basis was $11.7 billion, of which organic capital expenditure was $11.0 billion.

· In October 2013, BP announced plans to divest a further $10 billion of assets before the end of 2015, having completed its earlier divestment programme of $38 billion in 2012. BP has agreed around $3.4 billion of such further divestments to date. Disposal proceeds received in cash were $0.8 billion for the quarter and $1.8 billion for the half year.

· BP today announced a quarterly dividend of 9.75 cents per ordinary share ($0.585 per ADS), which is expected to be paid on 19 September 2014. The corresponding amount in sterling will be announced on 9 September 2014. See page 27 for further information.

Small long @486.62p

Citigroup Neutral 486.00 480.00 480.00 Reiterates

Deutsche Bank Hold 486.00 550.00 550.00 Reiterates

Jefferies International Buy 486.00 570.00 570.00 Reiterates

Barclays Capital Equal weight 486.00 600.00 600.00 Reiterates

Goldman Sachs Neutral 486.00 500.00 500.00 Reiterates

re - skinny - 29 Jul 2014 16:12 - 558 of 559
Small long @386.62p

Maybe in 2011 you could have, but not yesterday

There is a $50bn headache for the Russian and BP. could get "nothing" after Yukos's administration and Rosneft,
which is 75%-owned by the Russian state, purchased most of Yukos's assets.

The share price has been weak during the last month could be following the trend for a while before the Rosneft business is resolved

Halliburton pays $1.1bn to settle Gulf of Mexico suits

From the text :-

"The agreement, which includes legal fees, is likely to raise hackles amongst BP’s supporters, who feel that the British oil major is being punished too harshly for the disaster.

Earlier this year, BP raised its forecast for the amount of money it will have to pay out to compensate victims from $7.8bn to $9.1bn, and analysts expect it to rise further as up to 10,000 new claims are filed each month."

BP Found Grossly Negligent in 2010 Gulf of Mexico Spill ........Bloomberg

Hmmm :-(

Here's the link BP Found Grossly Negligent in 2010 Gulf of Mexico Spill