On 26 July 2016, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2016 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 16 September 2016 to shareholders on the share register on 5 August 2016. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative has been made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.
Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the four dealing days from 31 August to 5 September 2016 (£1 = US$1.32313). Accordingly, the amount of sterling dividend payable in cash on 16 September 2016 will be:
Sure did, IMO down to Putin's statement early on today but I very much doubt that Saudi will agree to an OPEC production cut while allowing Iran to keep ramping up its production and pumping as much as it can.
Rosneft, BP and Schlumberger today announced agreements for collaboration on seismic research and development. The agreements were signed at the Eastern Economic Forum (EEF) in Vladivostok, Russia, by Rosneft CEO Igor Sechin and President of BP Russia David Campbell. Schlumberger was represented by President for Russia and Central Asia Gokhan Saygi.
Under the terms of the agreements, Rosneft will join as an equal partner in BP’s ongoing project with Schlumberger’s seismic business, WesternGeco, to develop innovative cableless onshore seismic acquisition technology. The technology aims to revolutionize the design and acquisition of 2D and 3D seismic surveys, which in turn will improve subsurface imaging and the efficiency of exploration, appraisal and field development. The ability to deliver faster and better quality seismic data acquisition at lower cost compared to conventional seismic surveys will also bring environmental and safety benefits in difficult to access areas and extreme climates.
The project envisages an initial two-year period to complete the development of a seismic acquisition system. BP and Rosneft will have preferential access to this technology for an initial period, after which Schlumberger will have the exclusive rights to market the system.
Pound up, Brent down, USA stock pile up and if OPEC is a bust for any cut in output then there is only way its going to go. If the dividend comes under pressure next year then odds are the a future fall will be significant.
But then most of that could all change for the better next month!
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