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?

KEEP an EYE

BP. 455p - 2p

Large retracement after results yesterday, but at today's lows it has reached a maximum Fibonacci retracement 78.6% and from that point is bouncing back

Insider: BP - By Lee Wild | Fri, 24th February 2017 - 12:03

(BP.) is having something of a wobble. Full-year results earlier this month failed to prevent further selling, which had begun a few weeks previously after the shares had risen two-thirds to a new multi-year high.

They're currently down around 15% from that peak and over 6% since the results to currently sit on the 200-day moving average. We said this month that there's "nothing to panic about" yet, and that remains the case.

Clearly non-executive director Nils Andersen is not put off. Spying a bargain and a prospective yield of 7%, he's just paid nearly £134,000 for 30,000 shares at 446p.

That acquisition comes a week before BP gives a strategy update in London, its first since March 2014.

"Investors want a clear performance and financial target framework. Historically, BP delivers this," says UBS analyst Jon Rigby. "The changes at 4Q16, raising 2017 capex and cash neutrality guidance negatively surprised and some reassurance over medium term objectives is required."

"The medium term framework needs to emphasise something more akin to a $50 a barrel neutrality figure at the bottom end of BP's previous target range. We do expect some reassurance that the creeping cost of Macondo is coming to an end."

BP TO SELL FORTIES PIPELINE SYSTEM TO INEOS

BP today announced it has agreed to sell its Forties Pipeline System (FPS) business, with assets including the main Forties offshore and onshore pipelines and other associated pipeline interests and facilities, to INEOS.

Subject to partner, regulatory and other third party approvals, operatorship of the FPS assets and business will transfer on completion from BP to INEOS. The sale will not affect BP's existing rights to capacity in FPS. Under the terms of the agreement INEOS will pay BP a consideration of up to $250 million for the business, comprising a cash payment of $125 million on completion and an earn-out arrangement over seven years that totals up to $125 million.

BP group chief executive Bob Dudley commented: "BP is returning to growth in the North Sea as we bring important new projects, including the Quad 204 redevelopment and Clair Ridge, into production and increase new exploration. While the Forties pipeline had great significance in BP's history, our business here is now centred around our major offshore interests west of Shetland and in the Central North Sea.

"The pipeline has long been an important feedstock supplier to INEOS at Grangemouth. We believe that through also owning FPS, INEOS will be able to realise greater integration benefits and help secure a competitive long-term future for this important piece of UK oil and gas infrastructure."

Built, owned and operated by BP, the Forties pipeline was opened in 1975 to transport oil from the Forties field, the UK's first major offshore oil field. Today FPS carries liquids production from some 85 fields in the Central and Northern North Sea and several Norwegian fields on behalf of around 40 companies. The system has a capacity of 575,000 barrels of oil a day. BP sold its interests in the Forties field to Apache in 2003 and sold the Grangemouth refinery and chemical plants to INEOS in 2005.

INEOS chairman and chief executive officer Jim Ratcliffe commented: "The North Sea continues to present new opportunities for INEOS. The Forties Pipeline System is a UK strategic asset and was originally designed to work together to feed the Grangemouth refinery and petrochemical facilities. We have a strong track record of acquiring non-core assets improving their efficiency and reliability, securing long term employment and investment. I am delighted that we can now bring this integrated system back under single ownership in INEOS."

Mark Thomas, BP North Sea Regional President said: "This allows us to further focus our North Sea business around our core offshore assets - bringing new fields into production, redeveloping and renewing existing producing facilities and acquiring and exploring new acreage and interests through licence rounds and farm-ins.

"As with our recent agreement with EnQuest, we believe this is a good example of having the 'right assets' in the 'right hands', offering new opportunities for the assets and benefitting the UKCS, in the spirit of the government's aim of maximising economic recovery of the UK's oil and gas resources."

FPS is expected to transition to INEOS as a fully operational entity with those staff who operate and support the various elements of the business expected to transfer with the business. Their contractual terms and conditions are protected under UK Transfer of Undertakings (Protection of Employment) regulations (TUPE).

Around 300 BP staff are currently associated with operating and supporting the FPS business at Kinneil, Falkirk, Dalmeny, Aberdeen and offshore. BP will now begin consultation with in-scope staff for both the unionised and non-unionised populations.

Subject to the receipt of regulatory and other third party approvals, BP aims to complete the sale and transfer of operatorship during 2017.

INEOS? Never heard of them.

Try this Stan
http://www.ineos.com/

Thanks Harry founded in 1998.

Same year as Rolls Royce was bought by BMW, Good Friday agreement was signed, Justin Fashanu was arrested in the US (and comitted suicide in UK), Eurovision song contest was held in Birmingham, DVD's were first released, Man U TV started, Pinochet was arrested, Peugeot 206 was launched, Frank Muir and Enoch Powell die......so a funny ol' year! Good and bad.

BP p.l.c. Group results First quarter 2017

Highlights
Robust earnings and cash flow, new projects on track.

· Underlying replacement cost profit* for the first quarter was $1.5 billion.
· First quarter operating cash flow, excluding payments related to the Gulf of Mexico oil spill*, of $4.4 billion. Including these payments, operating cash flow* was $2.1 billion.
· Dividend unchanged at 10 cents per share.
· Reported oil and gas production was 3.5mmboe/d in the first quarter, 5% higher than same period in 2016.
· New Upstream major projects* on track: Trinidad onshore compression project started up, another in ramp-up, and two more in commissioning.
· Downstream marketing growth and strong operational performance.
· $1.7 billion divestment of BP's interest in SECCO petrochemical joint venture, subject to regulatory approvals.

In disaster's wake, BP doubles down on deepwater despite surging shale

2Q17 Part 1 of 1

Highlights

Solid first half; strong operations, strong cash flow.

· Underlying replacement cost (RC) profit* for the second quarter was $0.7 billion.
· Second-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.9 billion. Including these payments, operating cash flow* for the quarter was $4.9 billion.
· Dividend unchanged at 10 cents per share.
· Second-quarter Upstream production was 10% higher than in the same period in 2016; first-half production was 6% higher.
· Upstream major projects on track; two new projects sanctioned in quarter; significant gas discoveries in Senegal and Trinidad announced; $753 million exploration write-off, predominantly in Angola.
· In Downstream, first-half fuels marketing earnings around 20% higher than in the first half of 2016.

more.....

Goldman Sachs Neutral 451.33 480.00 480.00 Reiterates

Looking a tad over bought, but £5 looming?

05 Oct Deutsche Bank Buy 487.28 520.00 520.00 Reiterates

03 Oct Barclays Capital Overweight 487.28 675.00 675.00 Reiterates

Golden cross burgeoning?

Golden Cross.

Q3 results on 31st.

It's been consolidating at the 490 level for a while now and looks ready to move to 500 to me.

I've sold my WEIR this morning which I've been in for 2 years. Kind of a mixture of things. I'm guessing the pound will strengthen sometime in the next 3 months as it's about repatriation of profits. I'm guessing oil won't stay here forever although it may go 10% higher yet.

Everything is so complacent at the moment. Could stay like that to after Xmas or turn on an instant.

£5.

Group results Third quarter and nine months 2017

Year-to-date organic balance at $49 a barrel
Share buybacks announced to offset scrip dilution
Reported third quarter group oil and gas production up 14%

· Underlying replacement cost (RC) profit* for the third quarter was $1.9 billion, compared with $684 million in previous quarter.
· Third-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.6 billion. Including these payments, operating cash flow* for the quarter was $6.0 billion.
· Underlying operating cash flow* in first nine months exceeded organic capital expenditure* plus full dividend* - equivalent to organic cash balance including full dividend at Brent oil price of $49 a barrel, or $42 a barrel including cash dividend only(a).
· Dividend unchanged at 10 cents per share.
· Recommencing share buyback programme in fourth quarter to offset ongoing dilutive effect of scrip dividends over time.
· Reported group oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, 14% higher than in the third quarter of 2016.
· Three Upstream major projects* began production in the quarter.
· Downstream underlying quarterly earnings were the highest for five years, second-highest on a RC basis.
· Around $4.5 billion in disposal proceeds are expected for full year 2017, with $1.0 billion received in first nine months. Proceeds expected in the fourth quarter include those from the SECCO transaction ($1.4 billion) and the initial public offering of BP Midstream Partners LP's common units ($0.7 billion).



more.....

Citigroup Neutral 514.55 425.00 480.00 Retains

JP Morgan Cazenove Overweight 514.55 540.00 540.00 Reiterates

Kepler Cheuvreux Hold 514.55 485.00 505.00 Reiterates

Jefferies International Hold 514.55 500.00 500.00 Reiterates

Deutsche Bank Buy 514.55 520.00 545.00 Reiterates

Beaufort Securities Buy 514.55 - 560.00 Retains