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 signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12bn by BP and its partner.

The project underlines BP's commitment to the Egyptian market and is a vote of confidence in Egypt's investment climate and economic potential. Production from WND is expected to reach up to 1.2 billion cubic feet a day (bcf/d), equivalent to about 25 per cent of Egypt's current gas production and significantly contribute to increasing the supply of energy in Egypt.

All the produced gas will be fed into the country's national gas grid, helping to meet the anticipated growth in local demand for energy. Production is expected to start in 2017. BP group chief executive Bob Dudley said: "BP is proud of its record in Egypt over the past 50 years and we are looking forward to many more years in the country. The WND project investment is the largest foreign direct investment in Egypt, and demonstrates our continued confidence in Egypt and our commitment to unlock its energy potential. WND production is key to Egypt's energy security." Gas will be produced from two BP-operated offshore concession blocks, North Alexandria and West Mediterranean Deepwater. BP believes that there is the potential through future exploration to add a further 5-7 tcf which could boost WND production with additional investments.

BP signs $12 billion energy deal in Egypt

Five years after BP oil spill, some Gulf oystermen are losing hope

BP first quarter 2015 results

· Underlying replacement cost profit 20% down on year earlier, 15% higher than previous quarter

· Focus on rebalancing BP - resetting capital expenditure, managing cost, delivering divestments

BP. 1Q15 Part 1 of 1

The Reuters take :- BP profits soar on strong refining

Today's guesses :-

Investec Hold 470.60 420.00 435.00 Reiterates

Barclays Capital Overweight 470.60 560.00 560.00 Reiterates

Canaccord Genuity Hold 470.60 415.00 415.00 Reiterates

Credit Suisse Underperform 470.60 420.00 420.00 Reiterates

Deutsche Bank Buy 470.60 470.00 470.00 Reiterates

JP Morgan Cazenove Underweight 470.60 - - Reiterates

BP to settle U.S. Gulf of Mexico oil spill claims - Bloomberg

And the RNS - BP - US agreement

Analysis - Spill settlement closure leaves BP open to growth, takeover

Insight - With options dwindling, BP seized a chance to settle oil spill case

JP Morgan Cazenove Overweight 426.83 - 475.00 Reiterates

Citigroup Neutral 426.83 450.00 435.00 Retains

BP second quarter 2015 results

· Dividend of 10 cents per share approved
· Operating cash flow of $6.3 billion in quarter
· External environment remains challenging
· Responding with action: capital and divestments on target; simplification and efficiency programmes delivering benefits
· Focus on rebalancing company for period of lower prices

horrible chart.

StockMarketWire.com
BP reports an underlying replacement cost profit of $1.8 billion for the third quarter, compared with $1.3 billion for the previous quarter and $3.0 billion for the third quarter of 2014.

Compared with a year earlier, the result primarily showed the impact of sharply lower oil and gas prices but also the benefits of a continuing strong downstream environment and performance and steadily lower cash costs throughout the Group.

Group chief executive Bob Dudley and chief financial officer Brian Gilvary will later today describe to investors the company's response to lower oil prices and how it expects to balance its organic sources and uses of cash by 2017 in an around-$60 per barrel Brent oil price environment. They will also provide an update on BP's major projects progressing over the next few years.

Dudley said: "Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well. We are now in action to rebalance our financial framework in this new price environment.

"And I am confident that BP's strong and well-balanced portfolio of businesses and projects gives us the ability to grow value into the future. All of this underpins our strong priority of sustaining our dividend and then growing free cash flow and shareholder distributions over the long term."

After adjusting for a net charge for non-operating items of $756 million and net favourable fair value accounting effects of $171 million (both on a post-tax basis), underlying RC profit for the third quarter was $1,819 million, compared with $3,037 million for the same period in 2014.

For the nine months, RC loss was $2,929 million, compared with a profit of $9,042 million a year ago. After adjusting for a net charge for non-operating items of $8,655 million and net favourable fair value accounting effects of $17 million (both on a post-tax basis), underlying RC profit for the nine months was $5,709 million, compared with $9,897 million for the same period in 2014.

Non-operating items include a restructuring charge of $151 million for the quarter and $638 million for the nine months. Cumulative restructuring charges from the beginning of the fourth quarter 2014 are expected to total around $2.5 billion by the end of 2016. RC profit or loss for the group, underlying RC profit or loss and fair value accounting effects are non-GAAP measures

All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net pre-tax charge of $426 million for the third quarter and $11,513 million for the nine months.

Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the third quarter and nine months was $5.2 billion and $13.3 billion respectively, compared with $9.4 billion and $25.5 billion for the same periods in 2014. Excluding amounts related to the Gulf of Mexico oil spill, net cash provided by operating activities for the third quarter and nine months was $5.4 billion and $14.3 billion respectively, compared with $9.4 billion and $25.8 billion for the same periods in 2014.

Today's Broker notes

Beaufort Securities Buy 385.10 - - Retains

Exane BNP Paribas Neutral 385.10 - 340.00 Reiterates

Jefferies International Hold 385.10 360.00 360.00 Retains

Barclays Capital Overweight 385.10 600.00 600.00 Reiterates

RBC Capital Markets Sector Performer 385.10 410.00 410.00 Retains

Deutsche Bank Buy 385.10 450.00 450.00 Reiterates

JP Morgan Cazenove Overweight 385.10 - - Reiterates

BP plans new deep staff cuts to withstand oil price storm

Former BP rig supervisor found not guilty in oil spill case

.

Exane BNP Paribas today reaffirms its neutral investment rating on BP PLC (LON:BP.) and set its price target at 340p.

StockMarketWire.com
BP's underlying replacement cost profit for the first quarter was $532 million, compared with $196 million for the previous quarter and $2.6 billion for the first quarter of 2015.

Compared with the previous quarter, lower costs throughout the Group more than offset the impact of significantly weaker oil and gas prices and refining margins.

BP posts a loss of $583m - down from $3.3bn in the previous quarter and a profit of $2.6bn a year ago.

BP has announced an unchanged dividend for the quarter of 10c per ordinary share, expected to be paid in June.

Group chief executive Bob Dudley said: "Despite the challenging environment, we are driving towards our near-term goal of rebalancing BP's cash flows. Operational performance is strong and our work to reset costs has considerable momentum and is delivering results. Furthermore, development of our next wave of material upstream projects is well on track."

The Brent oil marker price averaged $34 a barrel in the quarter, compared with $44 in 4Q 2015 and $54 in 1Q 2015, and refining margins were at the lowest quarterly average for over five years. Brent prices have so far averaged $40 in the second quarter.

"Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year," added Dudley.

Underlying operating cash flow in the first quarter was $3.0 billion. This excluded $1.1 billion of payments related to the Gulf of Mexico oil spill which were offset by divestment proceeds of $1.1 billion. Operational performance continued to be strong with reliability of Upstream operated assets and refining availability both at 95%.

Organic capital expenditure in the first quarter was $3.9 billion compared to $4.4 billion in the first quarter of 2015. BP now expects total organic capital expenditure in 2016 to be around $17 billion and, in the event of continued low oil prices, sees flexibility to move to $15-17 billion in 2017.

Costs are also reducing; BP's cash costs over the last four quarters were $4.6 billion lower than in 2014. BP expects cash costs for 2017 to be $7 billion lower than for 2014.

Chief financial officer Brian Gilvary said: "As we steadily take out more costs, the point at which we expect to be able to rebalance 2017 organic sources and uses of cash continues to move lower; we currently anticipate being able to achieve this at oil prices in the range $50-55 a barrel. This progress underpins our commitment to sustaining BP's dividend as the first priority within our financial frame. Should prices remain low, we have the flexibility to adjust further within the financial framework."

At the end of the quarter BP's gearing level was 23.6%. Following the finalisation of the settlement of federal and state claims arising from the Deepwater Horizon accident, and to allow more flexibility in the current volatile oil price environment, BP intends to return to managing gearing within its historical range of 20-30%.

Deepwater Horizon - MDL 2185 Securities Litigation

In May 2014, the federal district court certified a class of post-explosion ADS purchasers in the MDL 2185 securities litigation. BP and representatives of the post-explosion class have agreed to settle these class claims for the amount of $175 million, payable during 2016-2017, subject to approval by the court. This settlement does not resolve other securities-related litigation in connection with the Gulf of Mexico oil spill.


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