Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 496.10
Bid: 496.00
Ask: 496.15
Change: 3.30 (0.67%)
Spread: 0.15 (0.03%)
Open: 495.45
High: 498.75
Low: 493.30
Prev. Close: 492.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Smaller BP's profits down as oil spill trial looms

Tue, 05th Feb 2013 10:09

* Shares up 2 percent

* CEO says reshaping impact will continue into 2013

By Andrew Callus

LONDON, Feb 5 (Reuters) - Shrinking British oil company BPPlc announced quarterly profit down a fifth from a yearago, after it sold assets in preparation for what could be itsbiggest oil spill payout when the case comes to trial later thismonth.

BP, the last of the big four western world oil companies toreport fourth quarter figures, still beat expectations becauseof one-off taxes related to its divestments and liabilitypayments, and its shares rose nearly 2 percent.

Once the world No. 2 but now the smallest of the four "oilmajors" by market value, BP turned in net profit adjusted fornon-operating items and accounting effects of $3.984 billiondown from $4.986 billion a year earlier.

Analysts had expected a figure of $3.305 billion, but theyhad warned that the result was hard to predict given thechanging nature of BP, and put the difference down to one-offtax effects. Before tax, underlying profit was $5.098 billiondown from $7.179 billion, broadly in line with forecasts.

The company has sold $37.8 billion worth of assets since theMacondo spill and taken a total charge against profits of $42.2billion - most of which has already been paid out incompensation and fines. It also expects to receive $12.3 billionthis year from the sale of its Russian interests to Rosneft along with a one-fifth stake in the state company.

More billions could flow out of the business this year,either via a settlement with U.S. authorities, or as a result ofa civil penalties trial that is due to begin on Feb. 25.

As a result of its trimming, BP's oil and gas output fell by7 percent in the quarter.

"We will continue to see the impact of this reshaping workin our reported results in 2013," said chief executive BobDudley. "By 2014, I expect the underlying financial momentum tobe strongly evident."

STOCK RECOVERY

The oil spill, which killed 11 men and leaked 5 millionbarrels of crude into the sea, has had a debilitating effect onBP's share price performance, as has a long-running dispute withits former partners in Russia which casts a shadow over itsprospects there.

The stock has recovered in recent weeks after the sales toRosneft last year, and as investors start to price in closure onthe spill. However, BP shares still trade and just 8.3 timespast earnings per share and 8.6 times predicted earnings pershare compared with 9.3 and 9.2 times respectively on averageamong its big rivals Exxon Mobil, Chevron andRoyal Dutch/Shell.

The company's stock was up 2.0 percent at 471 pence by 0930GMT on Tuesday, outperforming Shell which was up 0.5 percent.

BP expects four new major upstream projects to beginproduction by the end of 2013 -- Angola LNG, North Rankin 2 inAustralia, Na Kika 3 in the Gulf of Mexico, and the Chirag Oilproject in Azerbaijan.

A further six major projects are expected to come onstreamthrough 2014. In addition, the major upgrade of the Whitingrefinery in Indiana is expected to come online in the secondhalf of 2013, BP said.

Like its sector peers, BP is facing rising costs and isspending fast to keep production growing and to replacereserves. The company confirmed its prediction from Decemberthat organic capital expenditure would be $24-$25 billion in2013, up from $23 billion in 2012.

BP's dividend for the quarter was 9 cents, unchanged fromthe third quarter.

Exxon Mobil and Chevron reported results on Friday of lastweek. Royal Dutch/Shell's figures were releasedon Thursday. [ID:nL5N0B032D}

More News
Today 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

Read more
27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

Read more
27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

Read more
27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more
27 Mar 2024 08:31

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more
25 Mar 2024 16:51

LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

Read more
21 Mar 2024 15:00

UK dividends calendar - next 7 days

Friday 22 March 
easyJet PLCdividend payment date
FRP Advisory Group PLCdividend payment date
Gulf Investment Fund PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
Hercules Site Services PLCdividend payment date
Impax Asset Management Group PLCdividend payment date
JLEN Environmental Assets Group Ltddividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Mattioli Woods PLCdividend payment date
Mobeus Income & Growth 2 VCT PLCdividend payment date
Mobeus Income & Growth 4 VCT PLCdividend payment date
Ramsdens Holdings PLCdividend payment date
Riverstone Credit Opportunities Income PLCdividend payment date
Ruffer Investment Co Ltddividend payment date
Samuel Heath & Sons PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Unilever PLCdividend payment date
Monday 25 March 
AstraZeneca PLCdividend payment date
Endeavour Mining PLCdividend payment date
Mountview Estates PLCdividend payment date
Shell PLCdividend payment date
Tuesday 26 March 
no events scheduled 
Wednesday 27 March 
abrdn Diversified Income & Growth PLCdividend payment date
Thursday 28 March 
Alliance Trust PLCdividend payment date
Balanced Commercial Property Trust Ltddividend payment date
Berkeley Group Holdings PLCdividend payment date
BHP Group Ltddividend payment date
BlackRock Energy & Resources Inc Trust PLCex-dividend payment date
BlackRock Sustainable American Income Trust PLCex-dividend payment date
BlackRock Throgmorton Trust PLCdividend payment date
BP PLCdividend payment date
City of London Investment Group PLCdividend payment date
Crown Place VCT PLCdividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
Develop North PLCdividend payment date
Diversified Energy Co PLCdividend payment date
Downing Renewables & Infrastructure Trust PLCdividend payment date
Gateley Holdings PLCdividend payment date
Genus PLCdividend payment date
Hargreaves Lansdown PLCdividend payment date
HICL Infrastructure PLCdividend payment date
Idox PLCex-dividend payment date
Imperial Brands PLCdividend payment date
Melrose Industries PLCex-dividend payment date
Mid Wynd International Investment Trust PLCdividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
NextEnergy Solar Fund Ltddividend payment date
North Atlantic Smaller Cos Investment Trust PLCdividend payment date
Personal Group Holdings PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCdividend payment date
Quartix Technologies PLCex-dividend payment date
Renewables Infrastructure Group Ltddividend payment date
Schroder Real Estate Investment Trust Ltddividend payment date
SDCL Energy Efficiency Income Trust PLCdividend payment date
Smith & Nephew PLCex-dividend payment date
Taylor Wimpey PLCex-dividend payment date
Thames Ventures VCT 2 DSO 1 D PLCdividend payment date
Travis Perkins PLCex-dividend payment date
Utilico Emerging Markets Trust PLCdividend payment date
Vaalco Energy Incdividend payment date
Value & Indexed Property Income Trust PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Volution Group PLCex-dividend payment date
Wynnstay Group PLCex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
19 Mar 2024 16:57

LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

Read more
19 Mar 2024 11:52

LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

Read more
18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

Read more
15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

Read more
15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

Read more
14 Mar 2024 11:54

BP details green credentials in similar push towards net zero as Shell

(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.

Read more
14 Mar 2024 10:19

BP picks up Ashford site to boost electric charging scope for trucks

(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.

Read more
8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.