BP Breakup Worth $100 Billion to JPMorgan on Strategy Doubts

Robert Dudley could unlock $100 billion for BP Plc investors by following ConocoPhillips and splitting up Europe’s second-biggest oil producer.

BP, trying to recover from last year’s Gulf of Mexico disaster, has lagged behind its three larger rivals this year, rising 1 percent in London even as oil peaked at $127 a barrel. Conoco’s decision to split its refinery arm from its exploration and production business led analysts at banks including UBS AG, Bank of America and JPMorgan Cazenove to recommend BP look at a similar move.