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?

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.

StockMarketWire.com
BP has agreed a deal with Kosmos Energy to partner on world-class discoveries in Mauritania and Senegal and been awarded a 10% interest in Abu Dhabi's ADCO onshore concession.

BP has signed agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of Kosmos's exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos's Senegal exploration blocks --acreage which holds world-class deepwater gas discoveries and exploration prospectivity across both countries.

The approximately 33,000 square kilometres of acreage covered by today's agreements includes the Tortue field, estimated by Kosmos to contain more than 15 tcf of discovered gas resources. The total acreage, by Kosmos' estimates, could contain roughly 50tcf of gas resource potential and in excess of 1 billion barrels of liquids resource potential.

BP will invest nearly $1bn mostly in the form of a multi-year exploration and development carry to acquire a 62% interest and operatorship of offshore Blocks C-6, C-8, C-12 and C-13 in Mauritania and an effective 32.49% interest in the Saint-Louis Profond and Cayar Profond blocks in Senegal.

BP chief executive Bob Dudley said: "BP's entry into Mauritania and Senegal represents an exciting strategic opportunity to work with Kosmos Energy in an emerging world-class hydrocarbon basin. We believe our expertise in integrating the gas value chain, together with a talented exploration partner in Kosmos, along with the support of the Mauritanian and Senegalese governments brings together all the elements needed to create a new LNG hub in Africa."

BP has aslo signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi's ADCO onshore oil concession, which has a life of 40 years.

In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu Dhabi Company for Onshore Petroleum Operations Limited, which operates the concession. The agreement includes BP becoming asset leader for the Bab asset group within the concession.

In connection with the transaction, BP has agreed to issue new ordinary shares representing approximately 2% of BP's issued share capital (excluding treasury shares), to be held on behalf of the Abu Dhabi Government. The issuance of the new ordinary shares is subject to certain listing requirements and is expected to be completed shortly.

From Friday :- 16 Dec Goldman Sachs Neutral 493.35 435.00 505.00 Reiterates

2+ year high @499.65p

After sitting in this trade for nearly 3 years I have finally got out for a 7% profit plus all the dividends I've collected all the way.

I think the share price is being overly supported by cable and as the pound recovers this isn't going to help the share price even if oil continues to climb

I'm up @11% on purchases - some going back to November 2010.

I'll continue to hold short term on the potential supply cut - see the link on the Oil thread.

2+ year high @521.20p

StockMarketWire.com
BP's underlying replacement cost profit for fourth quarter was $400m, compared with $196m for the corresponding period in 2015 and $933m for the third quarter.

Compared to a year earlier, the quarter's result benefited from higher oil prices and significantly lower costs, offset by weaker refining margins and higher turnarounds in the Downstream.

The full year 2016 price environment was challenging: the average Brent oil price of $44 per barrel was the lowest for 12 years; Henry Hub gas marker prices averaged $2.46 per million British thermal units; and the refining marker margin was the lowest since 2010.

The headline reported result for the full year was a profit of $115 million, compared with the headline loss of $6.5bn reported for 2015.

The 2016 headline result included a total of $4bn non-operating charges taken through the year associated with resolution of the remaining legacy of the 2010 oil spill.

The headline profit excluding these legacy charges was $4.1bn for 2016, compared with $2.0bn for 2015.

Underlying operating cash flow4, excluding pre-tax Gulf of Mexico payments, was $17.8 billion for 2016, with $4.5 billion in the fourth quarter, compared with $20.3 billion in 2015.

BP's full year controllable cash costs5 were $7 billion lower than in 2014 - a target reached a year earlier than previously expected.

Organic capital expenditure for the year totalled $16 billion in 2016, compared with the range of $17-19 billion anticipated at the beginning of last year.

In total $7.1 billion in pre-tax payments related to the Gulf of Mexico oil spill were made through 2016, as processing of outstanding claims accelerated. Total divestment revenues were $3.2 billion in the year.

BP reported a reserves replacement ratio for 2016 of 109%8.

At year end, BP's gearing level was 26.8%, within the target range of 20-30%.

BP also announced an unchanged dividend for the quarter of 10c per ordinary share, expected to be paid in March 2017.

Group chief executive Bob Dudley said: "2016 was the year we made significant strides in creating a stronger platform for growth.
"We launched six major project start-ups - from Algeria to the Gulf of Mexico - and made final investment decisions on a further five major projects. And we see exciting opportunities ahead.
"We have delivered solid results in tough conditions - and are well prepared for any volatility in oil pricing. We have adapted by cutting our controllable cash costs by $7 billion from 2014 - a full year earlier than planned.
"Continued tight discipline on costs remains essential.
"Everything we have done during the year has made us a more resilient and competitive company.
"With our Deepwater Horizon financial liabilities now substantially behind us, BP is fully focused on the future.
"You have seen that focus in the string of strategic portfolio additions during the last two months of the year.
"From increasing gas interests and renewing long-term low-cost oil to expanding our retail operations - these investments will generate significant long term value for our shareholders.
"We start this year with considerable momentum - and a sense of disciplined ambition.
"We have laid the foundations for BP to be back to growth."

i'm not exactly convinced, but i can see good reason for buying at these depressed levels especially with a good divi supporting

Barclays summary today:
"The 4Q results and outlook for 2017 from BP are somewhat disappointing. Earnings of $400m fell close to 30% short of company-compiled consensus estimates and although there were positives to be taken from a strong upstream performance, this was more than offset by a weaker downstream and a seasonally higher corporate charge. At the same time reflecting additional capex associated with the acquisitions in December the break-even point to cover capex and dividends by the end of 2017 is increased to $60/bl from what had previously been $50-55/bl. Whilst we had recognized that there would be additional spending associated we had hoped that they could be offset by higher cost savings and efficiency gains elsewhere in the business; we would expect more guidance on the call as to how much value these acquisitions will actually add. There is much to commend the investment case for BP as we move into 2017. Eight new projects are due on-stream, and it is clear that the costs savings programme is yielding results. Yet with the signal of a higher break-even price and more details not likely to be available until the strategy update on February 28 and lower than anticipated near term earnings we expect the release to have negative implications for the share price near term. We rate the stock Overweight with a 625p price target."