P: watch your steppe: On Tuesday, BP reported underlying earnings of $3.6 billion for the second quarter, a tenth higher than expected. The result was up a third on last year. Though BP did beat estimates, the shares fell 2%. Oil and gas production, not refining and marketing, drove the results. The latter came in more than a quarter below expectations, according to RBC. The reason for the better results in upstream? BP’s stake in Russia’s Rosneft. Russia will account for 38% of BP’s total production in 2014-15, Credit Suisse thinks. Things get worse with Monday’s Yukos arbitration award from the Permanent Court of Arbitration, which found that the Russian government expropriated Yukos’ assets. Some of those assets are now part of Rosneft. If Argentina’s fight with its holdout bondholders – who have got legal traction without litigating in Argentina – provides a prologue, BP’s staircase just got steeper. The threat of further sanctions has hit BP’s shares, which trail the MSCI World Energy index by five percentage points this year.
Oil major BP said underlying replacement cost profit for the second quarter was $3.6bn, 34% higher than the $2.7bn reported for the same period in 2013 and 13% higher than the $3.2bn result for the first quarter of 2014. ...
I completely agree with gherkins comments, and it is about time our fellow shareholders made their views known on these boards, who knows one day perhaps Mr Cameron will take notice, although I doubt it. I am somewhat surprised that the board of BP are not kicking up a stink, and urging or PM to keep his mouth shut if he cannot utter anything helpful, after all this is one of UK's most prestigious companies, and I am also proud to be invested heavily here.
I have found on a number of occassions that Americans have asked me why the Brits have a dislike for them. Not sure if you have found the same. I have always replied it's not true and they're just imagining it.
With the US messing around with British businesses, fining them for one thing or another or adding sanctions as they have done so in Russia, it is beginning to make me realise why. They go about policing the world in a way they wish. The most incredible part of it is that they play the humanitarian card the whole time. We all know that unless there is a financial reward for the US they're not interested what so ever. There heavy handed approach damages UK businesses and at the same time pays off the US defecit.
In my view, the British government needs to find its backbone and reciplicate the fines against US companies. Cameron should protect one of Britain's greatest businesses with BP. Everyone knows BP has paid honorably for the deep sea oil disaster. I don't think any other business around the world would have done the same and I am proud to be a share holder for that very reason. Cameron would win a lot more respect if he actually stood up for British business for once.
End of rant..... good to see BP's profits up dispite everything.
Fantastic results for quarter from BP, there are obvious difficulties with Russia/Ukraine, but also from our own Prime Minister and his political sidekick who seem hell bent on destroying this company, by constantly banging on about more sanctions, as if we didn't have enough trouble with the american justice who seem to be trying to do the same.
BP Plc (BP..L) Announced, in its financial results for the second quarter of 2014, that underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34.0% higher than the $2.7 billion reported for the same period in 2013 and 13.0% higher than the $3.2 billion result for the first quarter of 2014. The company also announced a quarterly dividend of 9.75 cents per ordinary share. There was rising oil and gas production from new and recently-started higher-margin upstream projects and increased processing of heavy crude oil by the newly-modernised whiting refinery which contributed to operating cash flow by $7.9 billion in the quarter.
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