BP Share News (BP.)

BP announced that at the 'core' level - excluding production from its TNK-BP joint venture - it only replaced 6 per cent of the reserves which it tapped last year. That is an unusually low figure for an oil major and reflects the slow pace of its recovery. Nevertheless, some analysts point out that one must look at the five year average for that ratio. As well, the figure was hit by several extraordinary factors, including a big drop in the price of natural gas as a result of the US shale boom. Furthermore, the company has significantly slowed the rate at which it adopts 'final investment decisions,' a pre-condition to book additional reserves from new projects. The above situation might improve when BP assumes its 20 per cent stake in Rosneft, which is expected to grow strongly in the coming years, analysts said, according to the FT´s Weekend edition.Ballooning fuel costs and greater competition on transatlantic routes led to a record full year loss of £135m at Virgin Atlantic and is fanning fears of job cuts. The second year of significant cash losses means the company´s new Chief Executive has ordered a blanket pay-freeze and the implementation of broad-based cost cuts, according to an internal memo seen by The Sunday Times and confirmed by the carrier. Speaking at a Lib Dem conference meeting of the left-wing Social Liberal Forum, Vince Cable broke ranks on the Coalition's deficit reduction strategy, calling for more spending on infrastructure. The Business Secretary also called for affluent pensioner perks to be taxed. Cable also warned that serious damage would be dealt to British industry if there was no change, The Sunday Express reports. When it reports its annual results this next Wednesday insurer Prudential is expected to announce an increase in its dividend pay-out of over 20%, which will place it in the high single digits, The Sunday Telegraph understands. A significant increase is expected even in the least optimistic of scenarios, with a decision expected to come at a board meeting to be held on Monday. The cost of compensation for private economic and property damage for oil major British Petroleum, as a result of the Deepwater Horizon disaster in the Gulf of Mexico, will be greater than previously anticipated, The Wall Street Journal Europe reports. The contest to provide 'triple play' services (telephone line, broadband services and pay-TV) keeps on heating up as BSkyB has moved to bulk-up in size in the broadband space through its acquisition of the fixed-line broadband business of O2 and add to its offering of content through the launch of its own TV channel, Now TV. BT, however, is not about to retreat and has all of the necessary elements to make a good counter-attack, although it does have fewer rights than Sky to air league matches, according to The Economist. The rise seen in the shares of Cairn Energy were in reaction to comments from analysts at CLSA, according to whom Cairn India ought to make a bid for the company. Bringing both back together would eliminate worries that Vedanta lacks the commitment to invest in oil and gas. It would also eliminate an overhang of shares and create a multi-asset company with the necessary management experience to exploit them, the FT Weekend says. Following its sale of a stake in a joint-venture with William Hill Playtech is now poised to strike a deal with Ladbrokes, The Sunday Times reports. The gaming software supplier´s wares are deemed to have been 'instrumental' in the transformation of the on-line operations at William Hill. An agreement - talks are at an advanced stage - may also see Playtech assume a bigger role in running the bookmaker´s casino and bingo games.AB