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?

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

Share Buyback Programme

Here we go again....

Barclays Capital Overweight 529.15 675.00 675.00 Reiterates

Multi year high @531.70p.

Deepwater Horizon claims facility close to closure

Deepwater Horizon claims facility approaches closure;

BP to take $1.7 billion post-tax non-operating charge



Charge covered within existing financial framework



The Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement is winding down. BP now expects to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter 2017 results for the remaining Business Economic Loss (BEL) and other claims associated with the CSSP. The cash impact is expected to be spread over a multi-year period.

The charge results primarily from significantly higher claims determinations issued by the CSSP in the fourth quarter and the continuing effect of the Fifth Circuit's adverse May 2017 ruling on the matching of revenues with expenses when evaluating BEL claims.

Brian Gilvary, BP's chief financial officer, said: "With the claims facility's work very nearly done, we now have better visibility into the remaining liability. The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at $50 per barrel."

Cash payments related to DWH in 2018 are now anticipated to be around $3 billion, as compared to the company's third-quarter estimate of just over $2 billion.


BP will continue to vigorously appeal determinations of claims that it believes are non-compensable under the Plaintiffs' Steering Committee settlement agreement.

A bit academic today!

BP 4Q17 part 1 of 1

Full year

Highlights

Strong delivery and growth across BP

- Underlying profit up 139%

- Organic cash flows back in balance

- Downstream underlying profit up 24%

- Upstream production up 12%

- Reserves replacement ratio 143% for BP group

- Share buybacks, offsetting scrip dilution, restarted


· Underlying replacement cost profit* was $6.2 billion for full year 2017 and $2.1 billion for the fourth quarter, compared with $2.6 billion and $400 million for full year and fourth quarter 2016 respectively.

· Operating cash flow for 2017, excluding Gulf of Mexico oil spill payments*, was $24.1 billion, compared with $17.6 billion in 2016. Gulf of Mexico oil spill payments in 2017 were $5.2 billion, compared with $6.9 billion in 2016.

· Downstream earnings were very strong with underlying replacement cost profit of $7.0 billion, 24% higher than 2016.

· Operational reliability was high, with refining availability* and Upstream BP-operated plant reliability* both 95%.

· Seven new major projects* delivered, boosting oil and gas production. Upstream production, excluding BP's share of Rosneft production, was 12% higher than 2016, the highest since 2010. Including Rosneft, production was 3.6 million barrels of oil equivalent a day, 10% higher than 2016. Oil and gas realizations were 25% higher.

· Exploration delivered the most successful year for BP since 2004, with around 1 billion boe resources discovered.

· Dividend unchanged at 10 cents per share.

· BP began share buybacks in the fourth quarter, spending $343 million, fully offsetting the dilution from scrip dividends issued in the third quarter.

· Non-operating items in the fourth quarter, which are excluded from underlying profit, included a $0.9 billion charge for US tax changes and a $1.7 billion post-tax charge relating to a further provision for claims associated with the oil spill.

Wee punt long on the spreads on the back of yesterdays results. Looking for a second bounce off 200DMA. In @ 479p tight stop.

LATEST BROKER VIEWS
Date Broker New target Recomm.
7 Feb Kepler... 535.00 Hold
7 Feb JP Morgan... 560.00 Overweight
7 Feb Beaufort... N/A Buy
7 Feb Citigroup 510.00 Neutral
6 Feb Beaufort... 560.00 Buy
1 Feb Goldman Sachs 610.00 Neutral
31 Jan Goldman Sachs 545.00 Neutral
29 Jan Deutsche Bank N/A Buy
22 Jan JP Morgan... 560.00 Overweight
18 Jan Kepler... 535.00 Hold

Exane BNP Paribas Outperform 479.10 570.00 570.00 Reiterates