Bp Share Discussion Threads

[smartie6] 27/10/2020 07:08

Would liked to have seen your own brief analysis.
In summary, not too bad. Profit against estimated loss. Dividend inline with quarter 2, although lower than historically paid.

[skinny] 27/10/2020 07:05

.




Highlights Performance improving despite difficult environment

Financial results and progress

- Underlying replacement cost profit for the quarter was $0.1 billion, compared with a loss of $6.7 billion for the second quarter of 2020 and $2.3 billion profit for the third quarter of 2019. Compared to the previous quarter, the result benefitted from the absence of significant exploration write-offs and recovering oil and gas prices and demand. This was partly offset by a significantly lower oil trading result.

- Reported loss for the quarter was $0.5 billion, compared with losses of $16.8 billion for the previous quarter of 2020, reflecting absence of significant exploration write-offs and impairment charges, and $0.7 billion for the third quarter of 2019.

- Operating cash flow for the quarter, excluding Gulf of Mexico oil spill payments, was resilient at $5.3 billion, including $0.9 billion working capital release (after adjusting for net inventory holding gains). Gulf of Mexico oil spill payments in the quarter were $0.1 billion post-tax.

- Organic capital expenditure in the first three quarters of 2020 was $9.1 billion, in line with the full-year target of around $12 billion.

- BP continues to make progress towards its target of $2.5 billion in annual cash cost savings by end-2021 compared with 2019, with its new organization on schedule to be in place by start of 2021.

- Proceeds from divestments and other disposals in the quarter were $0.6 billion. BP has already completed or agreed transactions for approaching half its target of $25 billion in proceeds by 2025, including the agreed $5 billion sale of BP's petrochemicals business, expected to complete by year end.

- Net debt at quarter-end was $40.4 billion, down $0.5 billion. This includes the impact of the $1.1 billion payment for the completion of the joint venture with Reliance. Net debt is expected to fall in the fourth quarter as proceeds from divestments are received.

- A dividend of 5.25 cents per share was announced for the quarter.

Performing while transforming

- BP has brought two new Upstream major projects into production since mid-year: Atlantis Phase 3 in the US Gulf of Mexico and, ahead of schedule, Khazzan Phase 2 (Ghazeer) in Oman.

- Operations continued to be good with refining availability of 96.2% and Upstream plant reliability of 93.0%. Upstream unit production costs for the nine months of 2020 were 10% lower than 2019, reflecting progress on cost efficiency and strategic divestments.

- While refining margins remained at historical lows, driven by the extremely weak environment, BP's marketing businesses recovered strongly in the quarter, with fuels marketing earnings growing 3% year on year and lubricants result broadly in line with a year earlier.

- BP agreed to enter the offshore wind sector through a strategic partnership with Equinor to pursue offshore wind opportunities in the US, including taking a 50% stake in two leases off the US east coast.

- BP announced plans for a network of ultra-fast chargers in Germany and BP Chargemaster won a contract to deliver over 1,000 charging points for Police Scotland.

- BP also announced a partnership with Microsoft under which the two companies will co-operate to progress their sustainability aims. As part of this, BP has agreed to supply Microsoft with renewable energy and to extend its use of Microsoft's cloud-based services.

[amaretto1] 27/10/2020 07:05

First part ... reads well

[smartie6] 27/10/2020 06:31

Would this not have risen into close if results were anywhere near expectations and dividend policy left untouched?

[waldron] 26/10/2020 22:54

Zeta becomes a hurricane as it nears Yucatan, heads for U.S.
Published Mon, Oct 26 20205:32 AM EDTUpdated 3 Hours Ago
The Associated Press
Key Points

Zeta strengthened to a hurricane Monday afternoon as it continued on a track for Mexico’s Yucatan Peninsula resorts and then likely move on for a possible landfall on the central U.S. Gulf Coast at midweek.
Zeta — the earliest ever 27th named storm of the Atlantic season — was centered about 105 miles (170 kilometers) southeast of Cozumel island Monday afternoon, the U.S. National Hurricane Center said. It had maximum sustained winds of 80 mph (130 kph).

[sbb1x] 26/10/2020 19:57

The second wave of coronavirus cases in the world is impacting global oil demand "maybe a little bit more than we thought" in the second half of this year, BP's Bernard Looney said on the virtual 2020 India Energy Forum by CERAWeek on Mondayhttps://t.co/8KRLVKEAmq

[la forge] 26/10/2020 19:03

Gulf of Mexico oil workers pull out as another tropical storm heads toward rigs
Oct. 26, 2020 2:29 PM ET|About: BP p.l.c. (BP)|By: Carl Surran, SA News Editor

Oil producers are evacuating offshore production platforms in the U.S. Gulf of Mexico, as Tropical Storm Zeta strengthens and looks likely to threaten the U.S. later this week as a hurricane.

BP, BHP, Chevron (NYSE:CVX), Equinor (NYSE:EQNR) and Royal Dutch Shell (RDS.A, RDS.B) began withdrawing staff from their U.S. Gulf of Mexico offshore facilities.

BP says it has started to shut-in production at its GoM platforms and assets; Shell has paused some offshore drilling in the area and is limiting movement of non-essential personnel to offshore platforms.

BHP is evacuating non-essential workers from the Shenzi and Neptune offshore production platforms, and Equinor is shutting production on the Titan platform.

Enbridge (NYSE:ENB) reportedly has declared a force majeure event for some of its assets in the Gulf.

[oakville] 26/10/2020 18:59

Let's hope the results are spectacular or BP could go under 1.80 tomorrow. I am hunting down the back of the sofa for more funds.

[sbb1x] 26/10/2020 18:59

Oil futures mark lowest settlement in over 3 weeks https://t.co/W7ivOb4uR4

[pander45] 26/10/2020 18:38

Yep, oil is tanking.

[sat69] 26/10/2020 18:10

2000 - 2022


1988 - 2022

[waldron] 26/10/2020 17:40

Dow falls 900 points as average daily coronavirus cases hit record high

Published Sun, Oct 25 20206:03 PM EDT

Updated 10 Min Ago

Fred Imbert
@foimbert
Yun Li
@YunLi626

[sbb1x] 26/10/2020 17:34

I wouldn't be worried if i was holding either. 12 - 18 months from now these should be 380 /400Only people that need to be worried are leverage holders, people thT need the money in next 6 months and people that rely on dividends.Dow down 912 pointsBrent 40.64.Targets 180150

[oakville] 26/10/2020 17:31

1.50 still on the cards.

[trikytree] 26/10/2020 17:29

Disappointing finish but put my money where my keyboard is and topped up another 5000. Got way too many of these now but not nervous at all. Bring on 7am.

[plastow] 26/10/2020 17:14

Oil stocks are out of favour but bargains to be had in the near future

[sbb1x] 26/10/2020 17:07

Libya's crude oil production could reach 800,000 bpd over the next two weeks and top 1 million barrels daily within a month now that the National Oil Corporation has lifted the force majeure from another two oil export terminals.https://t.co/ohyvZAVoZa

[sbb1x] 26/10/2020 16:40

Rough day for #oil. Brent's down 3.2% to barely above $40 a barrel. Why's that? The resurgence of the virus and a faster-than-expected revival of production in #Libya, which is now pumping 690,000 barrels a day, according to a source. https://t.co/hwSKRuEjfc @S_Elwardany https://t.co/gaMOPi0z7B

[sbb1x] 26/10/2020 16:36

Closed bang on 200

[trikytree] 26/10/2020 16:19

Judging by today’s share price action the majority don’t have confidence. I do tho and hope today’s sellers will be kicking themselves tomorrow.

[letsmakesome] 26/10/2020 16:12

How many have confidence this will rise tomorrow? My first lot from a few years ago bought over £4.20 so was already sitting on a loss. Have just nervously bought some at £2.01. Fingers crossed for some positive news.

[sbb1x] 26/10/2020 15:01

Dirty dow down 580 points. The wall street scammer have kept it so high, needs to fall 10 -15%