bp plc-spons adr (BP) Key Developments
BP Seeks Opportunities In Iran
Aug 3 15
BP p.l.c. (LSE:BP.) looking for opportunities in Iran upstream oil industry. Robert Wynn, spokesman, BP said, "We are monitoring the situation, and at the same time continue to comply with the sanctions. We will consider opportunities as a chance."
BP p.l.c. Reports Unaudited Group Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Third Quarter of 2015 and Capital Expenditure Guidance for the Full Year of 2015
Jul 28 15
BP p.l.c. reported unaudited group earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported operating cash flow of $6.3 billion. This compares with $7.9 billion a year earlier. Capital expenditure in the quarter was $4.5 billion against $5.5 billion last year. Total revenues and other income was $61.8 billion against $95.8 billion last year. Loss before interest and taxation was $8.2 billion against profit before interest and taxation of $5.5 billion last year. Loss before taxation was $8.6 billion against profit before taxation of $5.1 billion last year. Loss attributable to BP shareholders was $5.8 billion or 31.83 cents per basic and diluted ordinary share and $1.91 per basic and diluted ADS against profit attributable to BP shareholders of $3.4 billion or 18.26 cents per basic ordinary share and 18.15 cents per diluted ordinary share and $1.10 per basic ADS and $1.09 per diluted ADS last year. Underlying replacement cost profit for the quarter was $1.3 billion, compared with $2.6 billion for the previous quarter and $3.6 billion for the second quarter of 2014. The result reflected the impact of continued low oil and gas prices, a reduced contribution from Rosneft, and one-off charges arising from circumstances in Libya, but also continuing strong earnings from BP's downstream businesses and lower cash costs throughout the group. BP oil spill payments cause $6.3 billion loss in second quarter London Payments linked to the 2010 Deepwater Horizon oil spill caused BP to record losses of $6.3 billion in the second quarter of this year. The company recorded multi-billion dollar losses in the second quarter due to payments linked to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Low oil prices also weighed on results. The loss was mainly relating to the recently announced agreements in principle to settle claims arising from the 2010 Deepwater Horizon accident. For the second quarter, the company had set aside $10.8 billion to cover the cost of the Deepwater Horizon accident, leading to a net loss of $5.8 billion compared to a net profit of $3.4 billion one year prior.
For the first half of 2015, capital expenditure was $9.2 billion against $11.4 billion last year. Operating cash flow was $8.1 billion with $16.1 billion in the first half of 2014. Net debt at June 30, 2015 was $24.8 billion, compared with $24.4 billion at June 30, 2014. Loss was $3.1 billion against net profit of $7.1 billion last year. Total revenues and other income was $116.7 billion against $188.8 billion last year. Loss before interest and taxation was $5.6 billion against profit before interest and taxation of $11.1 billion last year. Loss before taxation was $6.3 billion against profit before taxation of $10.4 billion last year. Loss attributable to BP shareholders was $3.2 billion or 17.62 cents per basic and diluted ordinary share and $1.06 per basic and diluted ADS against profit attributable to BP shareholders of $6.9 billion or 37.35 cents per basic share and 37.11 cents per diluted ordinary share and $2.24 per basic ADS and $2.23 per diluted ADS last year.
For the quarter, the company reported overall reported oil and gas production, including Russia, was 3.1 million barrels of oil equivalent a day (mmboe/d). Excluding Russia, reported production of 2.1 mmboe/d was approximately the same as second quarter of 2014 and underlying production was 1.7% lower, mainly due to increased turnaround activity, partly offset by the ramp-up of production from projects that started-up in 2014.
For the first half, production was 2,209mboe/d, 4.3% higher than in the same period of 2014. First-half underlying production was 1.0% higher than in 2014.
For the full year of 2015, the company’s organic capital expenditure is now expected to be below $20 billion. Excluding the one-off North Sea deferred tax benefit reported in the first quarter, the company continue to expect the full year effective tax rate to be lower than the full year 2014 figure of 36%.
Looking ahead, the company expects third quarter of 2015 reported production to be broadly flat with the second quarter, primarily reflecting the continuation of seasonal maintenance activity consistent with the second-quarter activity levels.
BP p.l.c. Announces Dividend for the Second Quarter 2015, Payable on 18 September 2015
Jul 28 15
BP p.l.c. announced dividend of 10.00 cents per ordinary share for the second quarter 2015 which is expected to be paid on 18 September 2015 to shareholders and American Depositary Share (ADS) holders on the register on 7 August 2015. The corresponding amount in sterling is due to be announced on 8 September 2015, calculated based on the average of the market exchange rates for the four dealing days commencing on 2 September 2015. Holders of ADSs are expected to receive $0.600 per ADS (less applicable fees).
BP p.l.c., Q2 2015 Earnings Call, Jul 28, 2015
Jul 22 15
BP p.l.c., Q2 2015 Earnings Call, Jul 28, 2015
BP Becomes M&A Target
Jul 3 15
BP p.l.c. (LSE:BP.)'s $18.7-billion US legal settlement is being cheered by investors and analysts as it ends five years of financial uncertainty. It also makes the British oil producer a more attractive takeover target. “The market is looking at that,” said Ahmed Ben Salem, a Paris-based analyst with Oddo & Cie., who has a neutral recommendation on BP. “This could act as the catalyst because there’s more clarity now.”