Bp Share Discussion Threads

[bracke] 06/2/2018 17:01

Good day optomistic

I know how much you look forward to my charts so here's one for you.

BTW saw this:

"BT alone has a pension deficit of £9.1bn, Shell £6.9bn, BP £6.7bn and Tesco and BAE Systems have £6.6bn each."


BP DAILY

[optomistic] 06/2/2018 16:28

No posts all day....just posting to check the thread is still working :-)


it is....

[ny boy] 06/2/2018 12:10

Went shopping this morning, picking up some BP value, for a long term hold, reckon this correction will be over in a week or so.

GLA

[alphorn] 06/2/2018 11:41

Still loods a good hold and perhaps an add if it falls any further?

[grupo] 06/2/2018 11:38

LONDON-- BP PLC posted its first quarterly loss since mid-2016 on Tuesday, largely because of charges from the 2010 Gulf of Mexico blowout and the U.S. tax overhaul, but 2017 proved its most profitable year overall since oil prices crashed.

A relatively strong set of fourth-quarter profits for BP were effectively wiped out by a nearly $1 billion paper loss related to U.S. corporate-tax changes and a $1.7 billion charge from unexpectedly high settlements from the Deepwater Horizon accident. The company recorded a $583 million loss for the fourth quarter.

However, BP says the U.S. tax overhaul enacted late in 2017 will be positive in the long term. The company says its Gulf of Mexico costs are manageable and are largely wrapping up.

The British oil-and-gas company was buoyed by a recovering crude market during a fourth quarter when oil prices averaged over $61 a barrel--up 24% from the same period in 2016.

For all of 2017, BP said its replacement cost profit--a number analogous to the net income that U.S. oil companies report--was $2.8 billion, compared with a loss of $1 billion in 2016. It was BP's first annual profit since 2014.

The company reported stronger production and healthy earnings from its refining and marketing division.

BP Chief Financial Officer Brian Gilvary said the company expects to cover its spending and dividend with cash from operations at $50 a barrel this year. The company is targeting a break-even price of $35 to $40 a barrel by 2021.

"This time last year we were talking about $60 a barrel, so we have a pretty good trajectory," Mr. Gilvary said.

The company's net debt rose 6% to $37.8 billion in 2017 compared with a year earlier, although it was on a downward trajectory in the fourth quarter compared with the three previous months.

BP's break-even oil price in 2018 is more like $56 a barrel, said Jason Gammel, oil-industry analyst at investment bank Jefferies, who wrote that his outlook for the company was "mildly positive."

BP's share price dropped over 2% in London trading Tuesday morning, though losses narrowed to 1.3% later. It was largely a result of the negative sentiment that has driven a stock selloff around the world and BP was down less than the FTSE100 and rival Royal Dutch Shell PLC.

BP's earnings are the latest in a choppy reporting season for big oil companies. Shell's net profit tripled last year, but a drop off in cash flow in the fourth quarter raised concerns among investors. U.S. rivals Exxon and Chevron both missed earnings expectations and suffered a substantial sell off as a result.

BP is still trying to convince investors it can regain its position among the elite tier of big energy companies. The company has lagged its peers since the fatal Deepwater Horizon explosion and oil spill in the Gulf of Mexico eight years ago. The disaster forced the company to sell off billions of dollars in assets to help finance a bill to cover clean up and legal costs that has ballooned to more than $60 billion.

BP outlined a path last February to boost profits and return to its former size by the early 2020s.

The company's return to profit last year reflects early success in delivering on that plan. Excluding its share in Rosneft, BP's production rose 12% in 2017 and in a sign of growing financial resilience, the company began a share buyback program in the fourth quarter.

BP Chief Executive Bob Dudley described 2017 as "one of the strongest years in BP's recent history," adding that the company was increasingly confident it could continue to deliver growth.

Write to Sarah Kent at [e-mail]



(END) Dow Jones Newswires

February 06, 2018 05:26 ET (10:26 GMT)

[tradejunkie2] 06/2/2018 09:36

We got to 452. Target remains at 400p

[ny boy] 06/2/2018 07:36

Looking to go shopping here on any further weakness.

Resistance 489p
Support. 473p
Support. 440p

[waldron] 06/2/2018 07:33

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


Full year Strong delivery and growth across BP
Highlights - 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.


Year on year
See chart on PDF
============= =================


Bob Dudley - Group chief executive:
"2017 was one of the strongest years in BP's recent
history. We delivered operationally and financially,
with very strong earnings in the Downstream, Upstream
production up 12%, and our finances rebalanced. And
we did all this while maintaining safe and reliable
operations.
"We enter the second year of our five-year plan with
real momentum, increasingly confident that we can continue
to deliver growth across our business, improving cash
flows and returns for shareholders out to 2021 and beyond.
"At the same time, we are embracing the energy transition,
seeking new opportunities in a changing, lower-carbon
world."

[waldron] 06/2/2018 07:31

BP CEO Bob Dudley cheers company's 'best earnings in recent history'

BP posted fourth-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.1 billion, beating analysts' projections of $1.9 billion.
"This is the best earnings we have had in recent history," BP CEO Bob Dudley told CNBC on Tuesday.

Sam Meredith | @smeredith19
Published 24 Mins Ago Updated 3 Mins Ago CNBC.com









Robert 'Bob' Dudley, chief executive officer of BP Plc.
Christophe Morin | Bloomberg | Getty Images
Robert 'Bob' Dudley, chief executive officer of BP Plc.

Oil major BP beat earnings expectations on Tuesday, highlighting a surge in refining and trading during the final three months of 2017.

"This is the best earnings we have had in recent history," BP CEO Bob Dudley told CNBC on Tuesday.

"All of the businesses are firing on all cylinders," he added.

BP posted fourth-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.1 billion, beating analysts' projections of $1.9 billion.

On a yearly basis, the oil giant's profits more than doubled to $6.2 billion in 2017, up from $2.6 billion in 2016.

BP's latest figures come amid a rapidly improving environment for big energy firms, with oil prices skyrocketing 50 percent since the middle of last year. International benchmark Brent crude has recovered strongly in recent months and reached a multi-year high of $70 a barrel earlier this month.

There are also signs the oil market is rebalancing, particularly as allied producers continue with an agreement to limit output.

In recent quarters, major oil companies have been eager to show investors that progress has been made when it comes to covering spending and dividends with cash generation. The price of oil collapsed from near $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production and firms were forced to wrestle with their portfolios in order to try and become more competitive

This is a breaking news story, please check back later for more.

[cdub1] 06/2/2018 07:20

Looking good, what a shame the results have come in the market bloodbath, but at least this has been and will continue to be a solid dividend provider. So just hold and forget about them. Good work Bod Dudley et al.

[skinny] 06/2/2018 07:17

A bit academic today!



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.

[hellscream] 06/2/2018 05:06

this shows you how corrupt our ftse is, look how we mirror on the downside, but remember those days when the dow was up 300 and the ftse was down... ftse should of been the same level as the dax.

[karateboy] 05/2/2018 21:15

Bp. Should delay releasing RNS tomorrow by few days until market settles down.

[veryniceperson] 05/2/2018 20:42

I'm only jesting tradejunkie. They won't get down to 400, will they. I'm in SSE, NG & BT with these who knows.

[hellscream] 05/2/2018 20:07

whats the shock.. the dow went up 19000 pts in 10 years, how many thousand did the ftse go up?

[waldron] 05/2/2018 18:34

BP struggles to convince it can stage a comeback
By Sarah Kent

Published: Feb 5, 2018 2:21 a.m. ET






LONDON-- BP PLC is struggling to convince investors it can regain its top position among the world's elite energy players nearly eight years after the Deepwater Horizon disaster.

Chief Executive Bob Dudley has staked his legacy on reversing the company's lost prestige and turning it from a survivor into a stronger, more profitable company than it was before the 2010 oil spill. Since the disaster in the Gulf of Mexico, the company has tumbled from being the biggest oil and gas producer among Western publicly listed companies to third, behind Exxon Mobil Corp. and Royal Dutch Shell PLC.

Since BP outlined what it calls its "Getting Back to Growth" strategy last February, its executives say they have been met with skepticism from investors that have become disillusioned with a sector that has historically over-promised and under-delivered.

The company still has the weakest growth prospects among the world's big oil companies, says Macquarie, the Australian investment bank.

"I think it's right the shareholders are waiting to see delivery before they start getting behind the strategy," BP Chief Financial Officer Brian Gilvary said. He added that the company wouldn't have released its strategy "if we did not think we could deliver it."

BP's fourth-quarter results, due to be released on Tuesday, are an important milestone in the company's efforts to prove its doubters wrong. The company is expected to report net profit of $5.4 billion for 2017, its highest earnings since before oil prices crashed nearly four years ago, according to consensus estimates compiled by S&P Global Market Intelligence.

It comes after mixed results for competitors. Shell's net profit tripled last year, though investors are worried about a drop off in cash flow. Earnings at U.S. rivals Exxon and Chevron Corp. fell short of expectations and were punished with a substantial selloff on Friday.

Though BP's share price managed to reach its highest level in eight years last month on the back of an oil-market rally, it has underperformed compared with its British-Dutch rival Shell. The British oil giant's stock still trades roughly 20% bellow the price it commanded before the 2010 Gulf of Mexico blowout--a reminder of how far the company still has to go as it seeks to regain its former heft.

"With BP, investors tend to still be a little bit skeptical that they're going to do what they say they'll do," said Brian Youngberg, an analyst with Edward Jones in St. Louis.

Those concerns were underlined last month when BP disclosed it would take a new, unexpected $1.7 billion charge related to settlement costs from the disaster. That added to the company's nearly $65 billion bill stemming from the worst offshore oil spill in American history and reminded shareholders of the company's Deepwater Horizon handicaps.

BP has outlined a path to return its oil and gas production to 4 million barrels a day, helped by 800,000 barrels a day of new production by the end of the decade. It told shareholders it plans to boost its free cash flow to as high as $24 billion by 2021.

"Investors looked at that and said, 'Nah!,'" Mr. Gilvary said in a recent interview.

Mr. Dudley calls Deepwater Horizon costs amounting to over $1 billion a year a "headwind" no other company faces. But higher earnings--if they materialize for BP--would come after some success in delivering on its strategy over the past year.

It started up a record seven new projects in 2017 and, in a sign of growing financial strength, announced plans to recommence share buybacks in October. The company is expected to use its fourth-quarter results to underscore its confidence in the strategy that was laid out last February and paint an optimistic picture of its longer-term prospects beyond 2021.

"We just have to keep delivering," Mr. Dudley said in an interview. The company is "back on its feet. It's beyond walking, now it's starting to run."

"I think it's slightly unfair that people still don't believe them," said Rohan Murphy, an energy analyst at Allianz Global investors, which holds BP stocks. "They are doing it and proving it in their quarterly numbers."

Write to Sarah Kent at [e-mail]

[tradejunkie2] 05/2/2018 13:56

veryniceperson, my name is not Billy.

[hellscream] 05/2/2018 05:03

back to that 9 year average of 4.50 I guess, starting to think even if oil was $100 it wouldn't push the share price up.

[veryniceperson] 04/2/2018 20:14

Tradejunkie. Don't be a silly Billy.

[florenceorbis] 04/2/2018 17:20

Sunday 4 February 2018 4:46pm
BP is set to show a huge rise in profits, but Deepwater Horizon and tax charges will bite
Share


Courtney Goldsmith
I am a journalist for City A.M. reporting on the Industrials sector, including o [..] Show more
Follow Courtney

MEXICO-BRITAIN-OIL-BP-EXPANSION
BP will report its full-year results this week (Source: Getty)

BP is poised to unveil a surge in annual profits this week on the back of stronger oil prices, but charges over the fatal Deepwater Horizon incident and US tax changes are set to dent the results.

Brent crude oil prices rose steadily over the second half of 2017 from a low of $46 a barrel in June. At the start of 2018, Brent hit more than $70 a barrel for the first time in about three years.

Michael Hewson, chief market analyst at CMC Markets UK, noted that BP's break-even price was $49 a barrel at its last trading update, and last quarter oil prices averaged $58 a barrel, allowing profits and revenues to show a "significant increase".

Read more: BP's invested in an electric car charging startup

"The BP turnaround story has been a long road from the tragic events back in 2010 which saw the share price halve in the space of three months. With the share price back to April 2010 levels once again it would be tempting to say the turnaround is complete, but those Gulf of Mexico events are still a significant legacy issue for the business," Hewson said.

The Deepwater Horizon disaster in the Gulf of Mexico has already cost BP more than $60bn (£42bn), but the firm will book an additional $1.7bn charge in the fourth quarter as it winds down a settlement, taking the year’s total cash payments related to the fatal oil spill to around $3bn.

BP will also take a one-off $1.5bn hit due to Donald Trump's radical US tax reforms, which it said will positively impact the company in the long term.

Analysts will also be on the lookout for further reassurances on the company's dividend by focusing on BP's capital investment plans, disposals and net debt, which stood at $40bn in the third quarter.

BP will report its full-year results on Tuesday 6 February.

[toon1966] 04/2/2018 11:06

Thanks hellscream, I didn't realise I was eligible. Could you let me know how to apply, no doubt you're an expert?

[tradejunkie2] 03/2/2018 16:01

Waiting for 400p.

[hellscream] 03/2/2018 14:49

toon1966 - what it means mate is my tax is paying your tax credits.