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?

No sense of humour MS :0(

Group results First quarter 2018

Highlights Momentum continues into 2018 as BP delivers strong 1Q profit

· Underlying replacement cost profit* for the first quarter of 2018 was $2.6 billion, compared with $1.5 billion for the same period in 2017, a rise of 71%.

· Operating cash flow excluding Gulf of Mexico oil spill payments* in the quarter was $5.4 billion including a $1.8 billion negative impact from an increase in working capital ($1.7 billion after adjusting for inventory holding gains) driven by higher oil prices and seasonal inventory builds.

· Upstream reported the strongest quarter since third quarter 2014 on both a replacement cost and underlying basis.

· Reported oil and gas production was 3.7 million barrels of oil equivalent a day in the quarter, 6% higher than the first quarter of 2017. Upstream production, excluding Rosneft, was 9% higher, supported by continued ramp up of major projects*. Upstream plant reliability* was 96% for the quarter.

· First Upstream major project of 2018, Atoll in Egypt, started production; to date in 2018, final investment decisions have been taken on four new projects - in Oman, India and two in the UK North Sea.

· Continued Downstream earnings growth with strong refining availability in the US.

· Gulf of Mexico oil spill payments in the quarter were $1.6 billion on a pre-tax basis, including $1.2 billion for the final payment relating to the 2012 Department of Justice settlement.

· BP continued its share buyback programme in the quarter, buying 18 million shares for a cost of $120 million.

· Dividend unchanged at 10 cents per share.

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BP back on its feet but CEO senses no respite

HSBC Buy 578.70 610.00 640.00 Reiterates

StockMarketWire.com
Energy major BP said Thursday it would acquire the UK's biggest electric vehicle company Chargemaster.

Chargemaster operates over 6,500 electric vehicle charging points across the UK, and sells and maintains EV charging units across a wide range of locations, including home charging.

The acquisition is expected to bolster the number of charging points at BP's service stations across the country.

'Bringing together the UK's leading fuel retailer and its largest charging company, BP Chargemaster will deliver a truly differentiated offer for the country's growing number of electric vehicle owners,' said Tufan Erginbilgic, chief executive, BP downstream.

RBC Capital Markets Top pick 589.55 600.00 675.00 Upgrades

BP to buy world-class oil and gas assets from BHP

BP transforms its US onshore oil and gas business, acquiring
world-class unconventional assets from BHP

Acquisition accretive to earnings and cash flow,
delivered within existing financial frame

Company increases dividend for first time in 15 quarters

· Upgrades and repositions BP's US onshore business

- Brings advantaged oil and gas assets in world-class basins

- Adds 190,000 boe/d production and 4.6 billion boe discovered resources

- Boosts liquids share of BP's US onshore production and resources

- Offers growth into the next decade

· Creates significant value

- Accretive to earnings and cash flow on a per share basis

- Increases Upstream free cash flow target by $1 billion to $14-15 billion in 2021

- Generates estimated pre-tax synergies of over $350 million a year

· Fully accommodated within existing financial frame

- Total cash consideration of $10.5 billion - 50% on completion, 50% deferred

over six months

- Up to $5-6 billion of additional divestments planned to fund share buybacks

of up to $5-6 billion over time

- Unchanged financial frame of $15-17 billion annual organic capital expenditure to 2021,

and gearing of 20-30%

· Strong free cashflow outlook supports dividend rise for second quarter 2018

- 2.5% rise to 10.25c per ordinary share is first dividend increase since third quarter 2014

In a move that will upgrade and materially reposition its US onshore oil and gas business, BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP. The acquisition will bring BP extensive oil and gas production and resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville gas basin in Texas and Louisiana.

Under the terms of the agreement, BP America Production Company will acquire from BHP Billiton Petroleum (North America) Inc. 100% of the issued share capital of Petrohawk Energy Corporation - the wholly-owned subsidiary of BHP which holds the assets - for a total consideration of $10.5 billion, subject to customary adjustments.

On completion, $5.25 billion, as adjusted, will be paid in cash from existing resources. $5.25 billion will be deferred and payable in cash in six equal instalments over six months from the date of completion. BP intends to finance this deferred consideration through equity issued over the duration of the instalments. Subject to regulatory approvals, the transaction is anticipated to complete by the end of October 2018.

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UBS Buy 563.55 610.00 - Unchanged

BP 2Q18 Part 1 of 1

Highlights

Strong earnings, strategic momentum, increased dividend

• Underlying replacement cost profit* for the second quarter of 2018 was $2.8 billion - four times that reported for the same period in 2017 - including significantly higher earnings from the Upstream and Rosneft.

• Operating cash flow excluding Gulf of Mexico oil spill payments* was $7.0 billion in the second quarter - which included a $1.3 billion working capital* release (after adjusting for inventory holding gains*) - and $12.4 billion in the first half, including a $0.4 billion working capital build.

• Dividend was increased 2.5% to 10.25 cents a share, the first rise since the third quarter of 2014.

• Upstream reported the strongest quarter since the third quarter of 2014 on both a replacement cost and underlying basis.

• Oil and gas production: reported production in the quarter was 3.6 million barrels of oil equivalent a day. Upstream production, excluding Rosneft, was 1.4% higher than a year earlier and up 9.6% when adjusted for portfolio changes and pricing effects, driven by rising output from new major projects* and strong plant reliability*.

• Major projects: with start-ups in Azerbaijan, Russia and Egypt, three of the six new projects expected to start in 2018 are now online.

• Strategic portfolio management: agreed to buy world-class US onshore oil and gas assets from BHP, a $10.5 billion acquisition that will transform BP's US Lower 48 business. BP also agreed to increase its stake in the Clair oilfield in the UK while exiting the Greater Kuparuk Area in Alaska.

• Downstream reported strong first half refining performance, with record levels of crude processed at Whiting refinery in US; further expansion in fuels marketing, with more than 1,200 convenience partnership sites now across our retail network.

• Advancing the energy transition: acquisition of UK's largest electric vehicle charging company Chargemaster and investment in innovative battery technology firm StoreDot move forward BP's approach to advanced mobility.

• Gulf of Mexico oil spill payments in the quarter were $0.7 billion on a post-tax basis.

• Net debt* reduced in the quarter by $0.7 billion to $39.3 billion.

• BP's share buyback programme continued with 29 million ordinary shares bought back in the first half at a cost of $200 million.

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Deutsche Bank Buy 566.45 - - Reiterates

Looking positive - possible re-rate?

RBC Capital Markets Top pick 569.85 675.00 - Reiterates

UBS Buy 564.15 610.00 - Unchanged

Barclays Capital Overweight 564.15 705.00 - Reiterates

12 Sep 18 HSBC Buy 552.75 675.00 690.00 Reiterates

8 year high @597.30p.