Bp Share Discussion Threads

[skinny] 31/10/2017 08:37

Pop! (technical term).

[w1ndjammer] 31/10/2017 07:55

quality

WJ.

[skinny] 31/10/2017 07:54

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.....

[waldron] 31/10/2017 07:31

BP PLC 3Q17 Part 1 of 1
31/10/2017 7:00am
UK Regulatory (RNS & others)

BP (LSE:BP.)
Intraday Stock Chart

Today : Tuesday 31 October 2017
Click Here for more BP Charts.

TIDMBP.

RNS Number : 0280V

BP PLC

31 October 2017

FOR IMMEDIATE RELEASE

London 31 October 2017


BP p.l.c. Group results Top of
Third quarter and nine months 2017 page 1

For a printer friendly copy of this announcement,
please click on the link below to open a PDF
version:

====================================================================== ========


Highlights 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).

[bill hunt] 31/10/2017 07:15

Share buy back and dividend retained at 10c.

[sicker] 30/10/2017 17:50

Doubt it, but it would be welcome:-)

[optomistic] 30/10/2017 17:09

Divi increase will do for me hellscream :-)

[hellscream] 30/10/2017 16:56

sod the sp, I just want the price of oil to go up.

[veryniceperson] 30/10/2017 16:54

Over 500 at close. Good results tomorrow and they will probably fall.

[veryniceperson] 30/10/2017 10:28

Just hanging the right side of 500.

[gemlotte55] 30/10/2017 09:01

Thanks skinny

[gemlotte55] 30/10/2017 08:57

Does it go ex Divi tomorrow

[veryniceperson] 30/10/2017 08:56

Sicker. Good results tomorrow, maybe a hike in the dividend ?

[sicker] 30/10/2017 08:45

Looks like you may have got your wish weryniceperson :-) Le us hope £5 can hold.

[veryniceperson] 30/10/2017 08:25

Market down 19 BP up, a good sign for tomorrow. Perhaps get over 500 today.

[sarkasm] 28/10/2017 16:57

BP and Shell ‘dragging feet on climate change’

Oct 28, 2017 Jonny Bairstow Sustainability & Environment, Low Carbon, Markets & Finance, Top Stories 0
Image: Tonktiti / Shutterstock / JuliusKielaitis

BP and Shell is putting shareholder capital at risk by “dragging their feet” on climate change.

That’s the claim from non-profit investment campaign ShareAction, which says both energy giants are failing to properly adapt their business models to the ongoing transition to a low carbon economy.

That’s in contrast to another new report claiming climate change is now embedded in the strategies of businesses across Europe, including Shell.

ShareAction recommends shareholders to escalate engagements with boards and management at both companies.

It also suggests investors should press the firms to provide analysis on the resilience of assets, outline plans for reducing total lifecycle emissions and disclose their position on upcoming climate legislation in the markets they operate in.

The group says failing to adapt to policies encouraging renewables and the reduced use of fossil fuels risks the savings of millions of savers, especially in the UK where exposure to Shell and BP in pension portfolios is especially high.

Michael Chaitow, Senior Campaigns Officer at ShareAction, said: “Shell and BP want to have their oil and drink it too, by advocating for the landmark Paris Agreement to limit global temperature rises to below two degrees Celsius, while planning for scenarios that would violate it.”

A spokesperson for BP told ELN: “BP intends to play our part in meeting the dual challenge of shifting to a lower carbon future while providing reliable energy to a growing world population.

Shell declined to comment on the report specifically but said: “Shell’s position on climate change is well known.”

BP, Low Carbon, Oil & Gas, Shell, climate change, global warming, investment

[waldron] 28/10/2017 08:54

Morgan Stanley: Oil Stocks Are Very Interesting Now
By Tsvetana Paraskova - Oct 27, 2017, 6:00 PM CDT NYSE

The oil industry is a pretty interesting sector now as it has lagged year to date, it’s under-owned, and has much better value historically, Andrew Sheets, chief cross asset strategist at Morgan Stanley, told CNBC on Friday, joining the growing chorus of other analysts who have recently turned bullish on European and U.S. oil stocks.

The oil sector has lagged the move in oil prices which have been creeping higher and now sit higher than a year ago, Sheets said.

The industry is also interesting because now it is in a very different part of the cycle compared to the very aggressive capital spending when oil prices were $100 per barrel. Now spending is being rolled back and efficiencies have been found, according to Morgan Stanley’s strategist.

Morgan Stanley upgraded the oil sector in Europe to “overweight221; a couple of weeks ago, and the bank is also “overweight221; on the sector in the U.S., Sheets noted.

“We do think it’s a very interesting sector that is both under-owned and historically much better valued than a lot of other sectors,” the strategist told CNBC.

There is a kind of difficult window for oil prices in the first quarter next year, when new projects and supply is due to come to the market, but demand growth this year has been “incredibly strong.” Morgan Stanley’s current assumption is that the strength in global demand will be enough to offset some of the supply coming online and ultimately, lend some kind of support to oil prices, Sheets said.

Related: Saudi Rhetoric Sends Oil Prices To Two-Year High

Morgan Stanley is joining Goldman Sachs in its view on oil stocks. Earlier this month, Goldman said that shares in oil companies had underperformed the recent oil price rally, so some of those stocks were set to rise in a long-term oil price of $50-55. Goldman Sachs has also recently turned bullish on European majors and on Big Oil’s competitive positioning.

As early as in August, analysts were saying that the oil sector globally is an attractive play for investors right now, with “great value in supermajor oil companies.”

By Tsvetana Paraskova for Oilprice.com

[veryniceperson] 27/10/2017 19:56

$60.38 per barrel. That alone should price over 500.

[skinny] 27/10/2017 16:00

Brent @$60 earlier.

[veryniceperson] 27/10/2017 15:50

Results Monday/Tuesday what do others think. Personally I think good many problems behind them (GOM) now. Over 500 next week ?

[waldron] 27/10/2017 10:38

By Sarah Kent

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (October 27, 2017).

The world's biggest oil companies have a suddenly popular measure for success: breaking even.

Once obscure and little noted, the break-even number has become an obsession for investors in oil giants such as Exxon Mobil Corp., BP PLC and Chevron Corp. as crude prices stay mired between $50 and $60 a barrel. At its simplest, the metric represents the oil price that a company needs to generate enough cash so it can cover its capital spending and dividend payouts.

Brent crude was trading at just below $60 a barrel this week, down from over $114 in June 2014.

BP says its break-even was $47 a barrel in the first half of the year, and the company is targeting between $35 and $40 a barrel by 2021, assuming prices stay about where they are today. Overall, Europe's biggest oil companies have cut break-evens to around $50 a barrel, according to Barclays. Exxon doesn't release a break-even but has succeeded in covering its costs with cash from operations for the last three quarters, when international benchmark Brent crude averaged just over $51 a barrel, according to Barclays.

Investors focused on the healthy dividends that make oil-company stocks appealing say they will be watching for news about break-even prices as Exxon, Chevron and Total SA prepare to announce third-quarter earnings on Friday, and BP and Royal Dutch Shell PLC next week.

"It's a crucial thing we look at," said Rohan Murphy, energy analyst at Allianz Global Investors, which holds stocks in BP and other large oil companies. "If the oil price were $70 it wouldn't matter so much, but at the moment we're on a knife edge, so it matters more."

The industry's intense focus on the break-even represents a stark change from the era of rising oil prices, when the emphasis often was more on companies' ability to increase production rather than to generate cash.

BP's share price slumped 4% in February after the company said it needed oil to hit $60 a barrel to break even this year. Six months later, BP said spending cuts allowed the company to break even at $47 a barrel in the first half. The stock moved up 2%. The company has kept its dividend unchanged throughout the downturn.

At Total's investor day last month, the phrase "break even" came up around 30 times.

Big oil companies say they have made progress in cutting costs since 2014, when oil prices entered a long downturn. The companies say they can maintain those lower levels of spending, bring down their break-even costs further and begin again to expand their operations -- all without relying on an oil-price recovery.

"The break-even cost of oil and gas companies is going to the $40s and $30s today," BP Chief Executive Bob Dudley told the Oil & Money conference in London this month. "It's actually healthy. I think $100 a barrel was not healthy."

Investors, however, remain nervous about the viability of their dividends. While big oil companies are back in black, many of them are still not generating enough cash to cover the payouts, despite ambitious targets to lower break-even prices.

The methods companies use when disclosing their break-even prices often vary from company.

Chevron says it can break even this year at $50 a barrel -- if revenue from its asset sales is included. Total says it will be able to break even at less than $30 a barrel in 2019 -- excluding its dividend costs.

Total, Shell and other companies use so-called scrip programs that allow them to pay a portion of their dividend in company stock, which helps them bring down the oil price they need to cover spending. While effective, the tactic isn't sustainable in the long-term without diluting investors' holdings.

Companies also often refer to project-specific break-evens, another metric that has new currency since prices crashed. Shell has said it is looking at new projects that can be profitable even if oil is at less than $40 a barrel, but that doesn't reflect the overall price the company needs to cover spending and dividends.

U.S. shale-oil players have faced particular criticism from investors over how they define project break-evens, sometimes not accounting for all associated costs, such as the amount they pay to lease land. Most shale companies claim their wells generate a 20% rate of return or higher, even at today's prices. Yet in the last three years, almost none has posted a positive quarterly net income.

Few investors cared about the break-even when oil prices were $100 a barrel or more. Back then, the industry was consumed with finding new sources of oil, resulting in spending that caused the break-even for big European companies to balloon to $152 a barrel in 2013, Barclays says.

Now, companies that once chased megaprojects are using new technology to eke out more barrels and lower costs.

BP said it expects production costs this year to be 40% lower than in 2013. Chevron is working to bring down its break-even to a point where it can sustain the company's decadeslong tradition of dividend increases. Shell is moving toward a lower debt target that will allow it to turn off its scrip program and commence share buybacks.

In a sign that things are improving, Norway's Statoil ASA said Thursday it will remove its scrip program in the fourth quarter, fully covering its dividend with cash.

Total has said it would be able to cover its full cash dividend at $50 a barrel in 2019.

""The world has completely changed," Total Chief Executive Patrick Pouyanné told reporters earlier this month.

--Lynn Cook contributed to this article.

Write to Sarah Kent at [e-mail]



(END) Dow Jones Newswires

October 27, 2017 02:47 ET (06:47 GMT)