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OIL TO BOUNCE BP BACK (BP.)     

l2e - 30 Apr 2003 07:12

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?

http://www.polskishop.com/30_04_03.htm

skinny - 03 Feb 2009 07:49 - 2 of 660

Results part 1
Results part 2

Falcothou - 03 Feb 2009 08:14 - 3 of 660

Not bouncing back yet down 13 at 470 support, taken ftse and other oilies down with it

skinny - 03 Feb 2009 08:16 - 4 of 660

Probably not the best "titled" thread to pick - I just picked a BP thread to post results!!

Falcothou - 03 Feb 2009 08:42 - 5 of 660

At least Lord Browne isn't dipping into the company expenses now for entertainment purposes!

C1Daytona - 28 Apr 2009 09:34 - 6 of 660

More comment from the Blue Index blog

Oil Price Millstone
April 28th, 2009

BP (BP.) is a great British company, that has evolved into a global leviathan. It is the biggest brand in the UK oil and gas sector, and has historically looked after its shareholders well, with generous dividends and a reputation as a solid performer

Recently of course, the global crisis has seen the price of Crude plummet from over $150 per barrel at its peak last year to below $40 per barrel. Falling demand and falling prices has presented the oil giants with a number of challenges, such as improving efficiency and cutting costs. This morning BP (BP.) reported a 58.6% fall in adjusted Q1 net profits, on revenues down 46.7% to USD48.09bn from USD90.15bn in 2008. The oil price fall has done the damage. But, the group clean replacement cost net profit, (taking out inventory gains/losses and exceptional items), totaled USD2.58bn, against USD6.24bn for Q1 2008, which came in above analysts expectations of USD2.23bn. Overall the numbers comfortably beat consensus, due to continuing improved performance in exploration, production, refining and marketing and progress on cost cutting, and BP has upped the dividend by 3.5% to 14 cents per share.

Full transcript is here
http://blog.blueindex.co.uk/2009/04/oil-price-millstone/

skinny - 09 May 2010 10:55 - 7 of 660

Chart.aspx?Provider=EODIntra&Code=BP.&Si

Like many on here, I am eyeing BP with a view to investing - still undecided!

BP chief reveals $10m daily clean-up bill

The chief executive of BP, Tony Hayward, has ordered a complete safety overhaul of all the oil giant's rigs after admitting that a cut-off valve known as the "blow out preventer" had fundamentally failed on the stricken Deepwater Horizon.

Interior Secretary Ken Salazar says oil spill puts survival of BP at stake

A six-member board made up of personnel from the US Coast Guard and the Minerals Management Service, which regulates the oil industry, will begin hearing evidence next week on the April 20 disaster in which 11 workers were killed when pressure surged up a drill pipe and exploded the rig.

From my own observations, there were some very major mistakes made by the companies that were involved, said Mr Salazar. Are they doing everything that they can possibly do? I hope they are.

skinny - 10 May 2010 08:30 - 8 of 660

BP upgraded to outperform from market perform at Bernstein, target price 630p


UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE

nordcaperen - 10 May 2010 09:26 - 9 of 660

When them Yanks start 'claiming' for losses incurred dont be surprised to see this little baby go bankrupt - Target price - nil !

skinny - 10 May 2010 09:57 - 10 of 660

BP Subsea Efforts Continue To Focus On Two Fronts

HARRYCAT - 10 May 2010 10:27 - 11 of 660

BP go bankrupt!!! In your dreams.

When this is all over I assume they will claim from the manufacturer of the blow out preventer, the sub-contracted drilling rig & the various insurers involved? Their next set of accounts will therefore show a one-off impairment charge, but much of that should be recovered way off in the future, imo.

Tricky to pick a good entry point atm, but certainly on my watch list as a decent investment medium term, imo, with a low sp.

skinny - 10 May 2010 10:33 - 12 of 660

Harry - I didn't think that post needed a reply :-) Have gone long @547.

jimmy b - 10 May 2010 10:48 - 13 of 660

Bust ,that would be interesting ,i'll put a bid in for a tenner anyone want to go half each ?

Clubman3509 - 10 May 2010 11:02 - 14 of 660

Go bankrupt my ass, If he thinks this he should get all his cash together and short it.
then he will be rich.

hangon - 11 May 2010 14:51 - 15 of 660

?...Bankrupt...?
Very, very, unlikely IMHO, but the fall in sp is certainly a worry. All the gains I've made are struck out. Certainly there is a worry that BP has been a tad negligent in the past, due to penny-pinching Browne (some say), yet (here) this Co. is attempting to produce oil in extremely difficult locations.
If the US Authorities punish, for what is really a "natual" catastrophe - and deep-water Oilco's will have to develop additional "safety" measures - - - - because a leak is dispersed before it reaches the surface....so any clean-up extent becomes a factor of wind and tide.

Yet, in practice it only matters what Institutions do - will they sell on the basis they might buy-back more cheaply...? Certainly, the "volumes" look large (bearing in mind the [BP.] price).
...Anyone got a crystal ball...?

Clubman3509 - 11 May 2010 15:30 - 16 of 660

As soon as it is capped watch the SP fly

skinny - 11 May 2010 15:37 - 17 of 660

And don't forget - there is the Live blog: BP hearing on the Gulf of Mexico oil spill tonight at 7:30.

skinny - 11 May 2010 15:43 - 18 of 660

Sen. Bingaman To Cite Human, Regulatory Failures in Gulf Spill
By Siobhan Hughes
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D, N.M.) said technological, human and regulatory failures contributed to an oil-rig accident in the Gulf of Mexico that's spewing thousands of barrels of oil a day into the sea.

"At the heart of this disaster are three interrelated systems: a technological system of materials and equipment, a human system of persons who operated the technological system, and a regulatory system," Bingaman will say, according to a copy of his statement. "These interrelated systems failed in a way that many have said was virtually impossible. We need to examine closely the extent to which each of these systems failed to do what it was supposed to do."

The comments reflect an interest in continuing offshore drilling in the deep waters off the coast of the U.S. Some environmentalists have called on the Obama administration to ban offshore drilling following the April 20 explosion of the Deepwater Horizon oil rig.

Bingaman said he will work to develop legislation as lawmakers develop an understanding of what went wrong. "I don't believe it is enough to label this catastrophic failure as an unpredictable and unforeseeable occurrence," he said.


skinny - 11 May 2010 15:47 - 19 of 660

UPDATE: Interior Dept Plans To Split Minerals Management Service
(Updates to add details, more background)

By Siobhan Hughes
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)

The Interior Department plans to split the Minerals Management Service into two divisions, one focusing on gathering royalties from oil and gas companies and another focused on safety inspections, the department intends to announce Tuesday.

An Interior Department official confirmed the plan.

Interior Secretary Ken Salazar is to make an announcement at 1 p.m., EDT Tuesday.

The reorganization comes amid a vast Gulf Coast oil spill that has called into question the efficacy of the government's regulation.

The tiny agency currently plays dual roles, focusing on collecting money as well as on ensuring the safety of oil drilling in federal waters and land. Some former employees have said that amounts to a conflict-of-interest, as employees must focus on keeping oil revenue flowing while also focusing on safety.

Also, former regulators and oil executives say the MMS has shifted most of the job of crafting safety regulations to the oil industry over the last decade, setting broad performance goals instead. The agency has also been rocked by scandal: in 2008, an Interior Department investigation said some employees of the MMS' Denver bureau engaged in drug consumption and inappropriately close relations with sources in the oil industry.

The current spill is the result of the April explosion and sinking of the Transocean Ltd. (RIG) Deepwater Horizon rig, which was finishing a deepwater well for oil giant BP PLC (BP).


skinny - 11 May 2010 17:29 - 20 of 660

BP Executive: Transocean Was Responsible For Safety
By Siobhan Hughes
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)

BP Plc (BP, BP.LN) on Tuesday stepped up its criticism of the company from which it leased an oil rig that exploded, saying Transocean Ltd. (RIG) was responsible for safety.

Lamar McKay, the head of BP's U.S. unit, said Transocean "had the responsibility for the safety." He also said there were "anomalous pressure readings" before the April 20 explosion.

He said the company was still investigating what went wrong and that it was too early to draw conclusions. Based on official estimates, the underwater well site is leaking 5,000 barrels of oil a day.


skinny - 12 May 2010 07:23 - 21 of 660

Ye but no but - 4th UPDATE: Companies, Lawmakers Level Blame At Oil Hearing

Irregular pressure readings, limitations in some testing and deference on decision-making preceded last month's deadly oil-rig explosion in the Gulf of Mexico, according to new details emerging from testimony by oil company executives before the U.S. Senate.

The testimony added to the picture of the accident on the Transocean Ltd. (RIG) rig, which BP Plc (BP) was leasing in order to drill an exploratory well with the help of Halliburton Co. (HAL) employees. But a big question about whether procedures took place in the correct sequence remained unanswered, as officials said that none of them was familiar with the federally approved plans for drilling an exploratory well that was located one mile below the ocean's surface.

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