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BP reports steep drop in 2013 underlying profits

Tue, 04th Feb 2014 07:10

- 2013 underlying RC profit falls to 13.43bn dollars, from 17.07bn dollars- Underlying production expected to fall in 2014- Capex guidance in line with 2013Oil major BP has reported a weaker bottom line for the fourth quarter, leading to a steep drop in underlying profits for 2013.The company also warned that underlying production in 2014 would be lower than last year due to divestments and a reduction of around 140,000 barrels of oil per day due to the expiry last month of the Abu Dhabi onshore concession.Production totalled 2.256bn barrels of oil per day in 2013, 2.7% lower than 2012. Underlying production rose by 3.2%.Group replacement cost (RC) profits, which excludes the impact of oil-price movements, totalled $23.68m last year, more than double the $11.43bn reported in 2012.However, on an underlying basis, RC profit dropped to $13.43bn in 2013, from $17.07bn previously. Underlying RC profit in the fourth quarter fell to $2.8bn from $3.9bn in the fourth quarter of 2012. BP said this was a result of its major divestment programme, weaker refining margins and higher exploration write-offs as it brought new projects online and increased investment in drilling.This was partially offset by strong growth in underlying oil and gas production, particularly from the North Sea, Angola and the Gulf of Mexico.Nevertheless, the company declared a quarterly dividend of 9.5 cents for the fourth quarter, up from 9.0 cents the year before.Organic capital expenditure is expected to be $24-25bn in 2014, compared with $24.6bn in 2013, and will remain in the $24-27bn range through to the end of the decade, BP said.The company has now completed its $38bn divestment programme and expects to divest a further $10bn of assets by the end of 2015.Chief Executive Bob Dudley said: "Capital discipline is central to BP's strategy; making the right investment choices, sticking to our capital limits, and actively managing our portfolio in pursuit of long-term value."BC
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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
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Monday 12 February 
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Tuesday 13 February 
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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

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2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

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2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

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1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

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1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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