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2017-11-01 13:15:00

BP PROFIT $4 BLN

BP PROFIT $4 BLN

BPBP p.l.c. Group results Third quarter and nine months 2017

 

Year-to-date organic balance at $49 a barrel 

Share buybacks announced to offset scrip dilution

Reported third quarter group oil and gas production up 14%

• Underlying replacement cost (RC) profit* for the third quarter was $1.9 billion, compared with $684 million in previous quarter.

• Third-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.6 billion. Including these payments, operating cash flow* for the quarter was $6.0 billion.

• Underlying operating cash flow* in first nine months exceeded organic capital expenditure* plus full dividend* – equivalent to organic cash balance including full dividend at Brent oil price of $49 a barrel, or $42 a barrel including cash dividend only(a).

• Dividend unchanged at 10 cents per share.

• Recommencing share buyback programme in fourth quarter to offset ongoing dilutive effect of scrip dividends over time.

• Reported group oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, 14% higher than in the third quarter of 2016.

• Three Upstream major projects* began production in the quarter.

• Downstream underlying quarterly earnings were the highest for five years, second-highest on a RC basis.

• Around $4.5 billion in disposal proceeds are expected for full year 2017, with $1.0 billion received in first nine months. Proceeds expected in the fourth quarter include those from the SECCO transaction ($1.4 billion) and the initial public offering of BP Midstream Partners LP's common units ($0.7 billion).

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Earlier:

BP - AZERBAIJAN OIL DEAL
2017, September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

 

 BP ARGENTINIAN TANGO
2017, September, 18, 12:15:00

BP ARGENTINIAN TANGO

BP has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.

 

 BP PROFIT $553 MLN
2017, August, 3, 12:05:00

BP PROFIT $553 MLN

“We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending. We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new Upstream projects and marketing growth in the Downstream.”

 

 BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION
2017, July, 14, 09:40:00

BP: EXCELLENCE, SUSTAINABILITY, COLLABORATION

I think there are three areas where we should focus our efforts. The first is excellence in our operations, or as this session’s title puts it, leadership in responsible operations. The second, is sustainability in our products - fully realising the benefits of both natural gas and renewables as well as our Downstream product range. And the third is collaboration, or simply working together, in our partnerships - the kind of working together that makes new things happen and drives real change.

 

 BP ENERGY OUTLOOK 2035
2017, February, 28, 18:50:00

BP ENERGY OUTLOOK 2035

The growing world economy will require more energy, but consumption is expected to grow less quickly than in the past - at 1.3% per year over the Outlook period (2015-2035) compared with 2.2% per year in 1995-2015.

 

 SHELL & BP PRICES: $50
2016, November, 2, 18:45:00

SHELL & BP PRICES: $50

The UK-listed oil majors both said they were planning for prices per barrel in the low $50s in 2017 — only a little above current levels — in a sign of the industry adapting to “lower-for-longer” market conditions.

 

 BP: IMPROVING ENERGY EFFICIENCY
2016, October, 20, 18:40:00

BP: IMPROVING ENERGY EFFICIENCY

We expect global GDP to more than double over the next 20 years, while energy demand increases by only 30%. The difference between those two things is improving energy efficiency or declining energy intensity. That is critical in underpinning the shift we expect to see in the rate of growth of carbon emissions. We think the energy intensity of GDP will decline much more rapidly than we’ve ever seen before.

 

 

 

 

Tags: BP

Chronicle:

BP PROFIT $4 BLN
2018, May, 23, 10:50:00

OIL PRICE: ABOVE $79 ANEW

REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.

BP PROFIT $4 BLN
2018, May, 23, 10:45:00

HARD OIL MARKET

FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.

BP PROFIT $4 BLN
2018, May, 23, 10:40:00

U.S. THE WORLD'S TOP

EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.

BP PROFIT $4 BLN
2018, May, 23, 10:35:00

U.S. - CHINA ENERGY TRADE

PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.

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