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 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

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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.


-- ENDS --

02 Jun Exane BNP Paribas Neutral 360.55 350.00 350.00 Reiterates

01 Jun Barclays Capital Overweight 360.55 550.00 550.00 Reiterates

31 May HSBC Buy 360.55 410.00 410.00 Reiterates

07 Jun Barclays Capital Overweight 376.38 550.00 550.00 Reiterates

Det norske & BP join forces in Norway

Det norske and BP join forces to grow Norway's
leading independent oil and gas producer

Deal creates strategic platform for long-term growth in Norway, combining Det norske's efficient operating model with BP's experience and technical expertise

BP and Det norske oljeselskap today announced the creation of Aker BP ASA, an independent oil and gas company combining the assets and expertise from both companies' Norwegian exploration and production operations to form the largest Norwegian independent oil and gas producer.

BP group chief executive Bob Dudley commented: "BP and Aker have matured a close collaboration through decades, and we are pleased to take advantage of the industrial expertise of both companies to create a large independent E&P company. The Norwegian Continental Shelf represents a significant opportunity going forward and we are looking forward to working together with Aker to unlock the long term value of the company through growth and efficient operations. This innovative deal demonstrates how we can adapt our business model with strong and talented partners to remain competitive and grow where we see long-term benefit for our shareholders."

Under the terms of the proposed transaction, the BP Norge and Det norske businesses will combine and be renamed Aker BP ASA. Aker BP will be independently operated and listed on the Oslo Stock Exchange. Aker BP will be jointly owned by current Det norske shareholder Aker (40%), other Det norske shareholders (30%) and BP (30%). BP will also receive a cash payment of $140 million plus positive working capital adjustments as part of the transaction.

Øyvind Eriksen, chairman of the board of directors in Det norske commented: "Aker BP will leverage on Det norske's efficient operations, BP's international capabilities and Aker's 175 years of industrial experience. Together, we are establishing a strong platform for creating value for our shareholders through our unique industrial capabilities, a world-class asset base, and financial robustness."

The completion of the transaction, which is expected by the end of 2016, is subject to customary closing conditions, regulatory review and approval by Det norske shareholders. All of BP Norge's roughly 850 employees will transfer to the combined organization upon completion of the deal.

In addition to the attractive combination of the two companies' Norwegian asset portfolios, Aker BP will benefit from the combined strength of Det norske's efficient, streamlined operating model and BP's long experience in Norwegian offshore operations, asset knowledge, technical skills and international experience. The companies believe this new Norwegian super-independent could organically grow production to more than 250,000 barrels of oil equivalent per day by the early 2020s.

more....

13+ month high @458.55p.

Jefferies International today reaffirms its hold investment rating on BP PLC (LON:BP.) and raised its price target to 400p (from 340p).

Why BP is heading to 600p

BP second quarter 2016 results

· Draws a line under Deepwater Horizon liabilities at $61.6 billion.

· Strong operations and cash flow
o Underlying replacement cost profit $720 million
o Underlying operating cash flow $5.5 billion
o Further progress in resetting costs and capital

· Clear plans for growth
o New wave of Upstream major project start-ups delivering growth to 2020
o Capacity to sustain Upstream growth beyond 2020 into long-term
o Downstream resilience and access to growth markets

· Dividend unchanged for September payment

more...

Barclays Capital Overweight 429.35 600.00 600.00 Reiterates

Barclays Capital Overweight 464.13 600.00 600.00 Reiterates

StockMarketWire.com
BP reports a profit for the third quarter of 2016 of $933 million on an underlying replacement cost basis.

This compares to $720 million profit for the previous quarter and $1.8 billion for the third quarter of 2015. The quarter's result was affected by a weaker price and margin environment. It was also negatively impacted by a number of mainly one-off and non-cash items in the Upstream.

However, the result also included benefits from lower cash costs being incurred throughout the group and a positive one-time tax credit. Underlying operating cash flow, which excludes pre-tax Gulf of Mexico payments, was $4.8 billion for the quarter. It was $13.3 billion for the first nine months of the year, benefiting from reliable operations and lower cash costs.

BP announced an unchanged dividend for the quarter of 10c per ordinary share, expected to be paid in December. Chief financial officer Brian Gilvary said: "We continue to make good progress in adapting to the challenging price and margin environment. We remain on track to rebalance organic cash flows next year at $50 to $55 a barrel, underpinned by continued strong operating reliability and momentum in resetting costs and capital spending.

"At the same time we are investing in the projects, businesses and options to deliver growth in the years ahead." BP's cash costs over the past four quarters were $6.1 billion lower than in 2014, continuing the Group's progress towards 2017 cash costs being $7 billion lower than in 2014.

BP's expectation for 2016 organic capital expenditure was reduced again and it is now expected to total around $16 billion, compared to original guidance of $17-19 billion given at the start of the year.

BP expects capital expenditure in 2017 to be between $15 billion and $17 billion. Cash divestment proceeds for the year to date, including the partial sale of BP's shareholding in Castrol India, are now $2.7 billion. At the end of the third quarter, BP's gearing level was 25.9%, within the targeted 20-30% range.

The Brent oil price averaged $46 a barrel in the quarter, compared with $50 a barrel in 3Q 2015, and gas prices outside the US were also weaker. Refining margins were steeply down from a year earlier, depressed by high product stock levels. BP reported an overall headline profit for the quarter of $1.6 billion, which includes a net gain of $728 million for non-operating items and fair value accounting effects.

This is comparable to a profit of $46 million a year earlier and a loss of $1.4 billion in the second quarter of this year, when significant charges associated with the Gulf of Mexico oil spill were taken.