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Share Price Information for BP (BP.)

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Share Price: 489.30
Bid: 489.05
Ask: 489.10
Change: -7.65 (-1.54%)
Spread: 0.05 (0.01%)
Open: 491.70
High: 492.90
Low: 485.55
Prev. Close: 496.95
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BP profits hit by plunging oil price; announces capex cuts

Tue, 27th Oct 2015 07:44

(ShareCast News) - BP has reported a sharp fall in third quarter underlying replacement cost (RC) profit to $1.819bn (£1.2bn) from $3.03bn in 2014 as the company revealed the impact of plunging oil prices over the last year.The oil giant also set out plans for maintaining dividend payments through more cuts in capital expenditure and costs as it sought to "balance its organic sources and uses of cash" by 2017 in an $60 per barrel Brent oil price environment.Underlying RC profits for the first 9 months of the year fell to $5.8bn from $9.9bn.BP said capital expenditure would come in at $17bn-$19bn a year up to to 2017, although this year the figure would be closer to $19bn.It said capex cuts would come through "optimising project economics, phasing spending and ... industry deflation". The new forecasts for expenditure come against expectations for 2015 of $24-26bn a year ago and less than $20bn in the second quarter of 2015.The company also said that it had booked a pre-tax charge of $426m for the quarter relating to the 2010 Deepwater Horizon Gulf of Mexico oil spill which killed 11 workers. The total for the year so far relating to the disaster was $11.5bn.Chief executive Bob Dudley said the results of action taken last year to prepare the company for the impact of lower oil prices "are coming through well"."We are now in action to rebalance our financial framework in this new price environment," he said."I am confident that BP's strong and well-balanced portfolio of businesses and projects gives us the ability to grow value into the future. All of this underpins our strong priority of sustaining our dividend and then growing free cash flow and shareholder distributions over the long term."
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12 Apr 2024 14:45

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12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

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12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

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12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

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12 Apr 2024 07:56

UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

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11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

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10 Apr 2024 08:41

Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

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10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

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9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

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9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

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9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

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9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

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9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

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