Bp Share Discussion Threads

[the grumpy old men] 05/5/2018 10:01

News ID: 214494
Published: 0658 GMT May 05, 2018
Oil companies ask judge to kill NYC's global warming lawsuit
Oil companies ask judge to kill NYC's global warming lawsuit
LUKE SHARRETT/BLOOMBERG
Five of the world’s biggest oil companies asked a judge to throw out New York City’s lawsuit seeking to hold them responsible for costs related to the environmental changes caused by their products.

BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp. and Royal Dutch Shell Plc argued that the court lacks the authority to resolve broad policy questions with ‘profound implications for the global economy, international relations and America’s national security’ bloomberg.com reported.

“Plaintiff attempts to use state tort law to regulate the nationwide — indeed, worldwide — activity of companies that play a key role in virtually every sector of the global economy,” the companies said. They urged US District Judge John Keenan, who’s overseeing the case, to follow the example of other judges who have rejected similar suits.

The companies argue that claims involving the effect of greenhouse gases on the environment must be considered under federal, rather than state, law. And federal law doesn’t permit the type of claims New York is pursuing, they said.

New York, the biggest US city, sued the companies in January, claiming they’re the world’s largest public companies contributing to global warming. The city claims the companies have denied the findings of climate-change scientists despite knowing that the use of gas and oil posed ‘grave risk’ to the planet. New York claims the oil companies’ actions constitute a ‘public nuisance’ — an illegal threat to community welfare.

New York City says the companies have contributed to rising sea levels and more frequent extreme weather events, including storms and heat waves that threaten to harm the city and the people who live in it.

“Defendants knowingly and substantially contributed to climate change,” lawyers for the city argued in papers arguing that Keenan should let the case go forward. “They are not exempt from tort law claims requiring them to internalize the environmental costs of their products instead of foisting them onto property owners, local governments, and the public.”

Keenan will consider both sides’ arguments in a June 13 hearing. On May 24, a judge in San Francisco will consider whether to dismiss similar suits filed against the companies by the cities of Oakland and San Francisco.

The case is New York v. BP P.L.C., 18-cv-182, US District Court, southern district of New York (Manhattan).

[the grumpy old men] 05/5/2018 07:22

Stockwatch: Buy or sell BP?

Growth/recovery
Income
Long-term growth
Over-priced?
The big picture

By Edmond Jackson | Fri, 4th May 2018 - 09:43
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Stockwatch: Buy or sell BP?

Should you lock in gains in oil-related stocks after their strong rally over the last month? It's firmly linked to expectations that in a few days, President Trump will withdraw US support for the 2015 "Iran accord" where Iran is allowed to raise oil production so long as it gives up the means to make nuclear weapons.

In recent days, oil prices have spiked as the Israeli Prime Minister alleged clandestine nuclear development, as if to pressure Trump to get tougher. Meanwhile, the United Nations argues the Middle East is in a dangerous position and the deal must be preserved to avert war.

• Stockwatch: This stock is fundamentally cheap

• How energy shares could rally 60%

Oil traders recall the last time sanctions were imposed on Iran it took a million barrels of oil from the world market, forcing up prices as availability fell. The sense is, oil could jump another $5 to $10 a barrel according to what extent of new sanctions, and if tensions continue in the medium term then prices will be supported. It's also said Saudi Arabia wants to see $100 oil while it floats off its state oil company, Saudi Aramco.
Yet BP's FD warns prices are exposed

When interviewed over the Q1 2018 results, BP (BP.)'s chief financial officer Brian Gilvary suggested oil prices have climbed to unsustainable levels and could soon start to fall away from a three-year high.

"Sometimes people forget that actually, it was not that long ago we were down at $28 a barrel... I think oil prices today feel a bit frothy."

He also sees the rally as linked to elevated global demand and a stronger-than-expected alliance for OPEC-led production cuts.

Meanwhile, the economist Roger Bootle has cautioned that oil prices over $70 risk a global slowdown, thereby hurting demand. Producers are due to meet in June to review policy that came into effect in January 2017 and has already been extended to end-2018.

A potentially medium-term supportive element is major oil producing nations reducing output back to a five-year average, possibly mitigating downside on prices from US shale output. Yet oil remains highly sensitive to geopolitics, with Trump's decision now in focus. Does he continue suspending sanctions against Iran in line with the accord, or get tougher?
Coincides with BP's strong results and efficiency

When I drew attention to BP at 460p in mid-March, it offered a base-level 6% yield amid fears that Britain-Russia tensions - originating from the Salisbury poisonings - would result in an asset-grab now a third of BP's production derives from Russia. But frankly, Russia needs the money from its BP alliance, thus "in due course the stock will rise as a 6%-plus is judged unnecessary for the risks".

The price has risen 22% to 460p, but there are profit-takers also, wary how oil has moved up sharply and could correct once the Iranian issue is clarified either way.

After I assessed BP, the city consensus for 2018 pre-tax profit jumped from £9.3 billion to £13.2 billion, also the dividend per share target was marked up from 36.7p to 38.2p in respect of 2018 and 38.5p for 2019, implying a prospective yield of 6.9% with the stock at 550p (or 8.3% if you bought in March.

Even so, the Q1 results surprised on the upside with earnings 17% ahead of consensus: BP making its own luck to capitalise on higher oil prices as a result of strong operational efficiency and project ramp-ups.

Underlying production has enjoyed a sixth consecutive quarter of growth, up 13.8% year-on-year, and lower refining margins were mitigated by cost-cutting. Capital spending is also a bit lower and gearing has kept constant.

Analysts at Barclays reacted: "This is the fifth consecutive quarter that BP has delivered a beat to consensus expectations and highlights to us that the market does not appear to fully reflect the improvement in the portfolio in the estimates as yet... the only slight negative we can see is share buybacks running lately below what's needed to offset scrip dilution. We rate the stock 'overweight' with a 675p target."
BP - financial summary Consensus estimates
year ended 31 Dec 2013 2014 2015 2016 2017 2018 2019

Turnover (£ million) 243,536 215,140 145,891 135,572 171,122
IFRS3 pre-tax profit (£m) 19,412 3,012 6,265 1,700 5,115
Normalised pre-tax profit (£m) 13,988 9,375 -5,364 -3,020 5,860 13,153 13,179
Operating margin (%) 4.9 3.6 -4.2 -2.9 4.7
IFRS3 earnings/share (p) 79.1 12.4 -23.2 0.44 12.2
Normalised earnings/share (p) 50.6 46.8 -18.2 -6.6 23.0 49.5 49.7
Earnings per share growth (%) 35.5 -7.5 115
Price/earnings multiple (x) 37.7 11.1 11.1
Annual average historic P/E (x) 9.5 8.8 53.2 21.9
Cash flow/share (p) 71.6 108 68.3 42.3 -4.8
Capex/share (p) 21.7 68.6 62.8 82.9 82.9
Dividend per share (p) 23.4 23.8 26.4 29.4 39.9 39.2 38.5
Yield (%) 7.4 5.7 5.7
Covered by earnings (x) 0.6 1.3 1.3
Net tangible assets per share (p) 309 277 247 274 253

Source: Company REFS Past performance is not a guide to future performance

Does that make BP a robust momentum play?

Such dynamics, if coinciding with broadly supportive oil prices for the medium term, argue for BP as a strong hold, or buy-the-dips say if oil prices correct after Trump makes his decision and/or the finance chief's wariness about froth is borne out.

Experienced traders of oil-related stocks know that however good are company fundamentals, in the short to medium term you often need oil prices working in your favour. Besides scope for the Iran story to end up in profit-taking, sentiment could turn on a perceived wobble in global growth. Were that to happen, a market shift could get accentuated given the extent of leveraged trading by hedge funds, e.g. as those late to the party get stopped out by losses.

Lakshman Achuthan of the Economic Cycles Research Institute reckons global growth has rolled over; that quarterly GDP in the US, Eurozone and Japan peaked in mid-2017 then fell in Q4, contradicting consensus how 2018 is set to be a strong year.

That may only be a couple of quarters, but the early 2018 data makes Q1 look lower still, so it's important to be aware of another potential scenario than robust growth and strong oil.
Tactical trading

Long-term investors have comfort that BP's high dividend yield should limit downside if oil prices fall; but if you hold lower/no yield exploration & production stocks, they would be prone to volatility, i.e. consider trimming gains.

Services' shares also tend to be sensitive, linked not just to sentiment but firms' underlying demand for work which can alter within weeks of oil price changes.

In drawing attention to Petrofac (PFC) at 454p last December, like BP it was backed by a high yield of 6.4%, and covered at least twice by earnings, possibly more by cash flow. This is a special situation in oil-related services: a Serious Fraud Office investigation into the Unaoil bribery scandal affecting various service firms; which had depressed Petrofac shares especially; yet announcements have shown clients are not put off (renewing) contracts.

As things stand, therefore, I'd be a content if wary holder of such stocks, minding how things can easily change against expectations in oil markets.
Swelling US crude inventories

Looking forward, oil prices are a tussle between hopes of maintaining compliance with the OPEC cap, thus a perceived $70 support level, and US shale producers testing the cartel's domination.

A latest US Energy Information Administration (EIA) report shows US crude inventories rising to a 2018 high during the week to 27 April, much larger than expected. US oil production is also up to a record 10.62 million barrels per day, more than a quarter since mid-2016.

This puts the US just behind Russia but ahead of Saudi Arabia, effectively incentivised to raise production as OPEC limits its output and raises prices. It's a potential spoiler to bear in mind despite OPEC looking on course to maintain broadly stable output.

So, consider taking profits where oil-related equities are exposed to low/no dividend, and be steeled for the likes of BP and Petrofac to turn volatile. Hold.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation, and is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

[sarkasm] 04/5/2018 17:51

Oil majors – shuffling along the Road to Damascus

Published 04 May 2018 Last Updated 04 May 2018 14:00

Angus Leslie Melville Contact Author

Tags Oil & Gas Renewables Asia Pacific Europe North America

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In a volte-face that’s enough to make a North Korean dictator blush, the oil majors are continuing to trip over their feet in a bid to reinvent themselves as good guys, having spent the last century-plus playing the black-hat cowboy

Statoil is the latest to have seen the error of its ways… more to the point, finally recognising the tide has turned and forcing its hand to switch strategies from oil to renewables.

The Norwegian heavyweight is far from alone. As DONG (Dansk Olie og Naturgas) sanctimoniously said when announcing its re-brand to Orsted and re-focus to renewables, the time had arrived to shift from “black to green energy”.

Statoil’s rebrand to Equinor sees the O&G major eagerly point out that its new identity combines “equi” the starting point of such elegant words as “equal, equality and equilibrium”, and “nor”230; homage to its Norwegian origins. Good lord, what a load of tosh.

This is a seismic shift in the oil industry driven in many cases by investors – in the Nordic cases, pension funds and sovereign wealth – that will no longer touch anything with oil in the name. As such, the zealous conversion of oil barons to renewable energy pioneers is driven by market reality, not a road to Damascus revelation.

French oil major Total last month (April 2018) made the leap with its acquisition of Direct Energie which has a 550MW renewables portfolio and a 2GW pipeline; while Royal Dutch Shell (also last month) ramped up involvement in renewables through its New Energies division, hinting at up to $2 billion of investments per annum up to 2020.

Beyond that, BP signalled its intentions to carve out its niche in the renewables space last year (2017) with its $200 million acquisition of a 43% stake in Lightsource – imaginatively rebranding it to Lightsource BP.

Those with a functioning memory will recall that BP has been here before with its Beyond Petroleum strategy, but promptly divested all its wind power assets in 2013 and withdrew from the sector. Likely it regrets having done that.

And it’s not alone, most of the O&G majors have dipped toes in the renewable water at some stage in the last decade-plus, but it never seems to take long – often a change in chief exec – for them to about-turn and focus once again on “core business”, shaking their heads at the folly of previous leaders straying from the path.

That’s just the tip of the iceberg. The shift away from oil has been dramatic with environmental, social and governance (ESG) issues being at the forefront of investors’ minds these days forcing the hand of “dirty” companies to mend their ways.

It cropped up repeatedly in round tables published in our launch issue of the IJInvestor Funds & Investors Report. In this report, infra fund leaders stressed that ESG had transitioned from lip-service to central focus.

To this end every international oil company (IOC) on the planet that has “oil” in its name has either re-branded or is in discussions right now with branding specialists to reinvent themselves as something less unpalatable to investors.

Nice work for the consultancies – money for old rope – who can flog off-the-hanger brands they own and wrap them around a pretty story that the IOC will convince itself reflects the shift in focus (listening Equinor?).
A green new world

The majority of these oil companies are shifting their focus toward offshore wind, seeking the scale of projects to give them a flying start and to leverage their experience of working in challenging environments.

There’s clear water between where the industry used to be and where it is now. Gone are the days when IOCs dabbled in renewables for this to serve as a fig leaf to their less “responsible” activities.

According to the Global Wind Energy Council, by the early 2020s offshore wind will cost less than €70/MWh (2017 prices) and 120GW installed capacity will be in place by 2030. With €60/MWh just around the corner it becomes ever-more affordable and growing deal flow the IOCs are catching the wave at just the right time.

Furthermore, there will be need for more players with deep pockets in this space to support delivery of ambitious programmes. And ambitious offshore wind programmes are cropping up in every corner of the world.

Just last week (April 2018), Taiwan's Ministry of Economic Affairs awarded grid connection rights for 3.8GW of offshore wind – 336MW more than had been anticipated – with a further 2GW to be allocated in June (possibly more if the first round’s anything to go by).

The winning bidders are:

WPD – 1,058MW
Orsted – 900MW
Copenhagen Infrastructure Partners – 600MW
Swancor Renewables – 378MW
China Steel – 300MW
Taiwan Power – 300MW
Northland Power – 300MW

Sticking with Asia Pacific, Japan has an exciting market where it already has 44.7MW of offshore wind installed. The Japanese Wind Power Association is pushing for 10GW by 2030 with 30-year leases awarded by the Ministry of Economy, Trade and Industry (METI). This target is now being seen as conservative and pressure is being brought to bear for it to be increased considerably.

Both these markets – Taiwan and Japan – face the extra challenges as the projects are largely in deep water, as such floating offshore wind is increasingly mentioned.

A lot bigger and even more ambitious, China plans to develop 30GW of offshore wind by 2020. There’s a lot of discussion over how it will achieve this… but if any nation can do it, China can.

South Korea plans to increase the country's renewable energy capacity by 2030, taking it up from 11.3GW to 58.5GW by end of the decade which will represent 33.7% of the country’s electricity-generating installed capacity, up from a 9.7% share today. Offshore wind will form part of that push.

And again, that’s just the tip of the iceberg.

Australia has huge potential, as does India, Thailand (where there are declining supplies of natural gas) and Bangladesh (with low-speed turbines). For the US, the days of Cape Wind look to be in the rear-view mirror. Europe is moving at break-neck pace.

Any country with a coastline and decent wind resource – especially now that floating solutions are on the table – is turning its gaze that direction.
A view from the sea

Chatting this week with renewables supremo Simon Currie who relocated as global head of energy at Norton Rose Fulbright from London to Sydney in January 2015, he has been taken aback by the pace of change.

“What was a $200 billion market until just recently is now looking more like a $1 trillion market,” says Simon. “All of a sudden it’s offshore wind versus natural gas, versus solar – what do you have and what is the best use of it? At €60/MWh with decent wind with a bit of track record, that’s better than gas.” He adds: “I’m encouraged by the amount of capital that is coming in. It’s no longer five countries!”

And he’s in a good place to take advantage of this market shift, having in March (2018) announced that he and fellow NRF Vincent Dwyer were setting up an advisory business based out of Australia providing services to the energy sector (strategic consulting and guidance, and transaction advisory services).

But it’s so much more than the oil companies. IOC involvement is welcome as the scale of the offshore wind sector will be so vast and heavyweights will be needed at the table, but it runs beyond that.

“For me, the big take-away from COP 23 was that industrials are getting involved too,” says Simon. “We are seeing the major industrials like thyssenkrupp – people who never really paid much attention to renewables – saying their future is not in combustion engines, it’s in hydrogen electrolysers, wind turbines… whatever. They cannot sit there waiting for the Xerox moment.”

With so much to be achieved and growing comfort with offshore wind, it’s going to take companies with scale – ranging from re-branded IOCs through to global industrials – to deliver programmes.

In fact, with all these projects on the cards, everyone’s welcome (fig leaf or not).

[waldron] 04/5/2018 17:20

Total
52.27 +0.95%

Engie
14.7 +0.89%

Orange
15.16 +0.43%



BP
558.1 +2.61%



Shell A
2,578 +1.38%



Shell B
2,655.5 +1.55%

Brent Crude Oil NYMEX 74.83 +1.55%
Gasoline NYMEX 2.12 +1.44%
Natural Gas NYMEX 2.72 -0.37%

FTSE 100
7,567.14 +0.86%
Dow Jones
24,151.58 +0.93%
CAC 40
5,516.05 +0.26%

[waldron] 04/5/2018 16:01

Zacks Investment Research

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The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. BP p.l.c. (LON:BP) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of BP and the rest of the Oils-Energy group's stocks.

BP p.l.c. is a member of the Oils-Energy sector. This group includes 333 individual stocks and currently holds a Zacks Sector Rank of #9. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. BP is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for BP's full-year earnings has moved 11% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, BP has gained about 6.42% so far this year. Meanwhile, stocks in the Oils-Energy group have gained about 4.17% on average. This shows that BP p.l.c. is outperforming its peers so far this year.

Looking more specifically, BP belongs to the Oil and Gas - Integrated - International industry, a group that includes 16 individual stocks and currently sits at #166 in the Zacks Industry Rank. On average, stocks in this group have gained 3.89% this year, meaning that BP is performing better in terms of year-to-date returns.

BP will likely be looking to continue its solid performance, so investors interested Oils-Energy stocks should continue to pay close attention to the company.

[optomistic] 04/5/2018 15:37

RNS tells us that the Deputy CEO took $5 mill off the table yesterday. Waited until today he would have been able to have an extra day at the seaside ;-)

[waldron] 04/5/2018 12:33

Total
52 +0.42%



Engie
14.715 +1.00%



BP
552.3 +1.54%



Shell A
2,560 +0.67%



Shell B
2,635 +0.76%

Brent Crude Oil NYMEX 73.99 +0.41%
Gasoline NYMEX 2.10 +0.24%
Natural Gas NYMEX 2.73 -0.15%

FTSE 100
7,531.35 +0.38%
Dow Jones
23,930.15 +0.02%
CAC 40
5,498.68 -0.05%

[waldron] 04/5/2018 09:01

Total
51.98 +0.39%


Engie
14.705 +0.93%

Orange
15.1 +0.03%

FTSE 100
7,529.92 +0.36%
Dow Jones
23,930.15 +0.02%
CAC 40
5,493.99 -0.14%



BP
550.1 +1.14%


Shell A
2,555.5 +0.49%



Shell B
2,632.5 +0.67%


Brent Crude Oil NYMEX 73.48 -0.28%
Gasoline NYMEX 2.09 -0.18%
Natural Gas NYMEX 2.74 +0.22%

[ps0u3165] 04/5/2018 07:54

BP Might Buy Some BHP Billiton U.S. Shale Assets

[la forge] 04/5/2018 07:49

HSBC new target prices for Shell and BP: they turned out to be good oil price recovery plays
Fri 4 May 2018 05:18:24 GMT
Author: Giles Coghlan | Category: News

Author: Giles Coghlan

HSBC on target prices for Shell and BP


Shell RDSb L: Raises target price to 2665p from 2640p
Shell RDSa L: Cuts target price to 2590p from 2595p
BP PLC BP.L: Raises target price to 600p from 590p


Shell and BP have seen some steady gains alongside the recovery of Oil prices. And once BP has finished with its Deepwater Horizon Bill (65 Billion dollars) it could be well placed for a decent recovery from its previous lows. It was only about 18 months ago when BP was trading at 400p a share. Currently at 543p.

[maywillow] 03/5/2018 17:32

BLOOMBERG
markets
BP Said to Tap Morgan Stanley as It Weighs Buying BHP Assets
By Dinesh Nair
, Brett Foley
, and Kelly Gilblom
3 mai 2018 à 12:23 UTC+2 Updated on 3 mai 2018 à 12:41 UTC+2



BP Plc is weighing an acquisition of some of BHP Billiton Ltd.’s energy assets as the British oil major seeks more U.S. shale, according to people familiar with the matter.

The London-based company is working with Morgan Stanley to advise on the plans, said the people, asking not to be identified as the matter is private. BP is weighing teaming up with other suitors or swapping conventional assets -- where oil and gas typically flow more easily to the surface than shale -- with BHP, they said.

No final decisions have been made and BP could decide against proceeding with a formal bid, the people said. Spokesmen for BP, BHP and Morgan Stanley declined to comment on the sale.

BHP is selling 800,000 net acres in the Eagle Ford, Permian, Haynseville and Fayetteville Basins it has said are worth at least $10 billion. It is preparing to sell those assets in up to seven packages, including three in highly-prized Permian, people familiar with the matter said this month. It’s not clear which of those assets BP wants to buy.

BP held Permian properties until 2010, when it sold a number of such assets to raise cash for expenses tied to its Gulf of Mexico oil spill. It has since considered various options for the area, “but it’s been really hard” in the past three to four years to find deals that add to earnings, Chief Financial Officer Brian Gilvary told Bloomberg News last month. The company is looking at BHP’s Permian assets, he said.

BP is working to regain the trust of shareholders, who are urging it to maintain financial discipline. The largest oil companies overspent during the days when oil was above $100 a barrel, eroding returns when prices dropped. Gilvary said funding a deal in the Permian would be “tough” within BP’s current capital constraints.

Data rooms are open and bids are due by June, the Melbourne, Australia-based mining company said last month. It could announce one or more transactions by the end of December. BHP said it’s also evaluating asset swaps, an initial public offering or potentially spinning off the division.

BHP disclosed plans to sell its onshore U.S. division last summer after activist investor Elliott Management Corp. said its foray into shale had wiped out $40 billion. The company, which spent $20 billion on two U.S. oil and gas acquisitions in 2011, said in November the divestiture process could take two years.

Royal Dutch Shell Plc is also potentially interested in BHP’s Permian basin assets, Andy Brown, its upstream director, said in an interview in February. Explorers can spend as little as $15 a barrel to drill in the Permian, the main source of the current surge in U.S. output.
Shell and Blackstone Group LP are planning a joint $10 billion bid for BHP’s U.S. assets, Sky News reported in March, citing sources it didn’t identify.

Shell already has about 280,000 net acres in the Permian, according to its website, with a sizable position near BHP’s assets in a fast-growing part of the Permian known as the Delaware Basin.

BP, which now lacks a meaningful presence in the Permian, controls 3.1 million net developed acres in other shale fields in Texas, Arkansas, Colorado, and elsewhere in the U.S. that primarily produce gas, according to its annual report.

A measure of its first-quarter profit rose to $2.59 billion, the highest since 2014, the company reported on Tuesday. That surpassed analysts’ forecasts. Its shares this week rose to their highest level since May 2010.

[waldron] 03/5/2018 17:06

Total
51.78 +0.25%


Engie
14.57 +0.10%

Orange
15.095 -0.30%


FTSE 100
7,502.69 -0.54%
Dow Jones
23,583.02 -1.43%
CAC 40
5,501.66 -0.50%

Brent Crude Oil NYMEX 73.19 +0.12%
Gasoline NYMEX 2.07 +0.10%
Natural Gas NYMEX 2.71 -1.85%




BP
543.9 -0.64%


Shell A
2,543 +0.45%



Shell B
2,615 +0.29%

[waldron] 03/5/2018 13:02

Total
51.66 +0.02%


Engie
14.605 +0.34%

Orange
15.06 -0.53%

FTSE 100
7,542.49 -0.01%
Dow Jones
23,924.98 +0.00%
CAC 40
5,513.13 -0.29%




BP
548 +0.11%


Shell A
2,549.5 +0.71%



Shell B
2,626.5 +0.73%



Brent Crude Oil NYMEX 72.95 -0.21%
Gasoline NYMEX 2.07 +0.11%
Natural Gas NYMEX 2.76 -0.11%

[waldron] 03/5/2018 08:49

Total
51.79 +0.27%

Engie
14.635 +0.55%

Orange
15.1 -0.26%

FTSE 100
7,538.82 -0.06%
Dow Jones
23,924.98 -0.72%
CAC 40
5,517.4 -0.21%


Brent Crude Oil NYMEX 73.34 +0.33%
Gasoline NYMEX 2.08 +0.33%
Natural Gas NYMEX 2.77 +0.25%




BP
549.1 +0.31%



Shell A
2,547.5 +0.63%

Shell B
2,620 +0.48%

[hellscream] 03/5/2018 05:06

well not paying America will save'em 3B a year, debt not a worry.

[smurfy2001] 03/5/2018 02:01

BP should reduce it's debt instead of buybacks

[waldron] 02/5/2018 17:48

Total
51.65 -1.30%

Engie
14.555 +0.03%

Orange
15.14 +0.17%



FTSE 100
7,543.2 +0.30%
Dow Jones
24,045.06 -0.22%


Brent Crude Oil NYMEX 73.05 -0.33%
Gasoline NYMEX 2.07 -0.77%
Natural Gas NYMEX 2.76 -1.57


CAC 40
5,529.22 +0.16%



BP
547.4 -0.05%



Shell A
2,531.5 +0.38%



Shell B
2,607.5 +0.48%

[scoobydoo99] 02/5/2018 15:12

An eight year high and we won't mention the arithmetic!

[waldron] 02/5/2018 12:37

Total
52.06 -0.52%


Engie
14.515 -0.24%

Orange
15.08 -0.23%


FTSE 100
7,549.41 +0.39%
Dow Jones
24,099.05 -0.27%
CAC 40
5,530.79 +0.19%


Brent Crude Oil NYMEX 73.02 -0.37%
Gasoline NYMEX 2.08 -0.37%
Natural Gas NYMEX 2.79 -0.32%




BP
549.3 +0.29%



Shell A
2,537 +0.59%



Shell B
2,610.5 +0.60%

[florenceorbis] 02/5/2018 12:18

INVESTORS CHRONICLE

EXTRACT AS NON SUBSCRIBER

Rising tide lifts BP and Shell

By Alex Newman

In a mixed reporting season for the supermajors, first-quarter numbers for oil and gas behemoths BP (BP.) and Royal Dutch Shell (RDSB) were fairly well received by investors. Predictably, earnings were well up on the same period in 2017, when Brent was selling for less than $50 (£36.6), although cash generation at both London-listed stocks disappointed analyst expectations. That hasn’t stopped the prevailing narrative – a tightening and nervy market for crude – from pushing both shares to multi-year highs.

[skinny] 02/5/2018 12:03

A six year high and we won't mention the gap!

[waldron] 02/5/2018 08:36

BP's Grueling Recovery Gathers Momentum -- WSJ
02/05/2018 8:02am
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Oil company's output and share price are on the mend, as effect of 2010 disaster fades

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 (May 2, 2018).

LONDON -- BP PLC shares rose to levels not seen since shortly after the Deepwater Horizon disaster in 2010, as rebounding oil prices led to solid first-quarter results.

Like other big oil firms that have reported recently, London-based BP benefited from recently lofty oil prices, but it also showed rising production. The outcome was its strongest quarterly earnings since mid-2014 -- which could go some way toward convincing investors that BP's ambitious plan to regain its position among the world's top energy companies is gaining steam.

BP's shares rose 1.8% to GBP5.48, or about $7.50, in London trading on Tuesday.

The stock hit a two-year high of GBP6.58 on April 21, 2010, the day after the Deepwater Horizon explosion, which killed 11 and sent oil spewing into the Gulf of Mexico, resulting in the worst offshore oil spill in U.S. history. Once investors realized the scale of the disaster, BP shares hurtled lower, hitting a low of GBP2.96 in June 2010.

Then-Chief Executive Tony Hayward resigned the following month, and BP started what would turn out to be a multiyear, multibillion-dollar effort to recover. To pay for cleanup costs and legal fees, BP was forced to sell off billions of dollars in assets, dramatically shrinking the size of the company. To date, the spill has cost BP more than $65 billion.

The company agreed to a landmark $20 billion deal to settle all federal and state claims for the accident in 2015. Since then, executives, including current chief Bob Dudley, have tried to turn the page on the disaster. Part of that effort has been a plan to return its oil-and-gas production to four million barrels a day, while boosting profits and cash flow.

The company said Tuesday its replacement cost profit -- a number analogous to the net income that U.S. oil companies report -- was $2.4 billion in the first quarter, compared with $1.4 billion in the same period a year earlier. The last time it reported profit of that size was in the third quarter of 2014, when oil prices were hovering near $100 a barrel.

In addition to its Deepwater Horizon woes, BP suffered with the rest of the industry through years of low oil prices. Oil prices fell to about $25 a barrel in 2016, before rebounding. International crude is now trading near $75 a barrel.

The company's first-quarter production rose 6% from a year earlier. BP started a record number of projects around the world last year and intends to initiate six more in 2018, part of a plan to add 900,000 barrels a day of new production by 2021. That would return output to near its pre-Deepwater Horizon levels of roughly four million barrels a day. On Tuesday, it said it pumped 3.7 million barrels a day in the first quarter.

BP finance chief Brian Gilvary raised the prospect that the company would consider raising its dividend in the second half of the year as it expects debt levels to subside. It kept its payout unchanged for the first quarter.

But BP still hasn't escaped the financial liabilities of the Deepwater Horizon disaster. The company said it paid out $1.6 billion in the first quarter, including the final installment from a settlement with the U.S. Justice Department to resolve all criminal claims. For the full year, payments are expected to total just over $3 billion. The company faces charges of about $2 billion next year, and then more than $1 billion a year out past 2030.

BP caps a mixed earnings season for the world's biggest oil companies. Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC posted their best first-quarter profits in years, but investors remained skeptical of companies that failed to meet expectations when oil prices were at their highest level since 2014.

Write to Sarah Kent at [e-mail]



(END) Dow Jones Newswires

May 02, 2018 02:47 ET (06:47 GMT)

[hellscream] 02/5/2018 07:28

all we need now is the uk to go to the wall, then get $1/1£ ratio :)