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2015-07-30 19:05:00

BP DOWN $6.3 BLN

BP DOWN $6.3 BLN

BP swung to a $6.3 billion second quarter loss on Tuesday after write downs tied to the ongoing conflict in Libya and the company's recent Deepwater Horizon settlement.

BP said, "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."

Earlier this month, BP agreed to settle all outstanding federal and state claims as well as claims made by more than 400 local government entities arising from the 2010 Deepwater Horizon oil spill for $18.7 billion.

The company took a $9.8 billion pre-tax charge in the second quarter tied to the Deepwater agreement.

BP also took about $600 million in exploration write-offs and other costs related to its activities in Libya, primarily "due to circumstances in the country," BP said.

As a result of the charges, together with other non-operating items and fair value accounting effects, BP reported a replacement cost loss for the quarter of $6.3 billion, or a loss of $34.25 per share.

BP's operating cash flow in the second quarter was $6.3 billion, down from $7.9 billion a year earlier.

The company's upstream segment reported an underlying pre-tax replacement cost profit of $0.5 billion for the quarter, compared with $0.6 billion in the first quarter and $4.7 billion during the same quarter last year.

BP's downstream segment reported an underlying pre-tax replacement cost profit of $1.9 billion, down from $2.2 billion in the first quarter but up from $0.7 billion in the second quarter 2014.

The company also confirmed that it has agreed to $7.4 billion in divestments as part of its current $10 billion divestment program.

BP announced a quarterly dividend of 10 cents per ordinary share, expected to be paid in September.

"In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran. I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future," BP CEO Bob Dudley said.

petroglobalnews.com

More: 

BP WILL PAY $18.7 BLN 

BP FULL LIABILITY $13.7 BLN 

BP & ROSNEFT: $700 MLN 

BP: WORLD ENERGY - 2015 

BP PROFIT FALLS 20%

 

Tags: OIL, GAS, PRICES, BP, BRITISH, PETROLEUM

Chronicle:

BP DOWN $6.3 BLN
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

BP DOWN $6.3 BLN
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

BP DOWN $6.3 BLN
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

BP DOWN $6.3 BLN
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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