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BP PLC (BP.L)

BP.L on London Stock Exchange

451.85GBp
24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Onesubsea awarded contract by BP
Tuesday, 21 Mar 2017 03:43am EDT 

Schlumberger - : Onesubsea announced award by BP of an engineering, procurement and construction (EPC) contract Further company coverage: [BP.L] [SLB.N] ((bangalore.newsroom@thomsonreuters.com)).  Full Article

Wood Group says has been awarded two Mad Dog phase 2 contracts
Tuesday, 14 Mar 2017 03:36am EDT 

John Wood Group Plc : Wood group awarded two Mad Dog phase 2 contracts . $80 million contract follows december 2016 completion of interim agreement period (IAP) early work, which was valued at $4.5 million .Contracted by Samsung Heavy Industries to provide detailed engineering and procurement services for topsides for bp's mad dog phase 2 floating production unit.  Full Article

BP and Clean Energy partner to expand U.S. renewable natural gas transportation fueling capabilities
Wednesday, 1 Mar 2017 06:29am EST 

Bp Plc : BP and Clean Energy partner to expand U.S. Renewable natural gas transportation fueling capabilities . Under terms of agreement, BP will pay $155 million for Clean Energy's existing biomethane production facilities . BP to acquire Clean Energy's upstream renewable natural gas business and sign long-term supply agreement with clean energy . BP will continue to subcontract operations of these facilities to Clean Energy .BP Plc - Clean Energy will buy renewable natural gas fuel from BP and collect royalties on gas purchased from BP and sold as redeem at it stations.  Full Article

BP CEO says 60 pct of company's production will be gas by mid-2020s
Tuesday, 28 Feb 2017 11:25am EST 

Bp Plc : Bp ceo says expects 60 percent of company's production to come from gas by mid-2020s Further company coverage: [BP.L] (London Equities Newsroom) ((+44 20 7542 7717;)).  Full Article

BP says 5 billion barrels of oil, gas accessible at around $1/bbl
Tuesday, 28 Feb 2017 09:05am EST 

Bp Plc : Bp says targets 10 percent return on average capital employed by 2021 - presentation . Bp says around 5 billion barrels of oil equivalent accessible at around $1/bl cost - presentation . Bp says targets $2 billion growth in pre-tax earnings from refining between 2014-2021 Further company coverage: [BP.L] (London Equities Newsroom) ((+44 20 7542 7717;)).  Full Article

BP updates 5-year strategy, sets cash flow targets for units
Tuesday, 28 Feb 2017 08:48am EST 

BP Plc : Sees cash flow growing materially: - upstream $13-14 billion pre-tax free cash flow in 2021, downstream $9-10 billion pre-tax free cash flow in 2021 . Sees financial frame maintained to 2021, organic capital spending $15-17 billion a year, gearing 20-30 pct . Upstream production expected to grow by average of 5 pct a year from 2016 to 2021 . 9 projects now under construction expected onstream 2018-21 . Cash balance point for bp expected to fall to around $35-40/barrel in 2021 . Production ramping up from new upstream projects is expected to deliver a material improvement in operating cash flow through H2 of 2017 . Will continue that tight focus on costs and capital discipline and seek further improvements throughout group - CFO . Volume and margin growth throughout BP's businesses are expected to increase returns over next five years . Upstream projects coming on line in 2016 and 2017 are on track to deliver 500,000 boe/d new production capacity by end of this year . New upstream projects remain on track to deliver 800,000 boe/d of new production by 2020, as previously guided . On average, new upstream projects are also expected to have operating cash margins 35% higher than average of BP's upstream portfolio in 2015 . Downstream - underlying earnings from manufacturing businesses in 2021 are expected to be $2.5 billion higher than in 2014..  Full Article

Aker Solutions signs 2 engineering framework contracts with BP
Wednesday, 8 Feb 2017 07:45am EST 

Aker Solutions Asa : Aker Solutions secures two global engineering framework accords from BP . Value of agreements depends on amount of work requested by BP. Orders will be booked as they are received . First contract is for feasibility and concept engineering and second is for feed services covering full range of upstream developments . Each agreement is for three years with options to extend for two years. Work will involve aker solutions teams globally . "The agreements expand on our recently signed subsea framework contracts with BP," said Luis Araujo, chief executive officer of Aker Solutions ."We can now apply our full range of expertise from subsea to surface to drive efficiency and maximize value for a key customer.".  Full Article

BP misses forecasts as annual earnings slide for second consecutive year
Tuesday, 7 Feb 2017 02:51am EST 

BP Plc : Says Q4 and full year 2016 . BP's fourth-quarter replacement cost (RC) profit was $72 million, compared with a loss of $2,233 million for same period in 2015 . Net debt. at Dec. 31 2016 was $35.5 billion, compared with $27.2 billion a year ago . Says full year of 2016 RC loss was $999 million, compared with a loss of $5,162 million for full year of 2015 . Announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ads), which is expected to be paid on March 31 2017 . Says underlying RC profit for full year was $2,585 million, compared with $5,905 million for same period in 2015 . Capital expenditure on an accruals basis. for Q4, excluding amounts relating to renewal of a 10 pct interest in Abu Dhabi onshore oil concession was $5.1 billion, compared with $6.1 billion for same period in 2015 . Capital expenditure on an accruals basis for Q4 was $7.6 billion. . Says net cash provided by operating activities for Q4 and full year was $2.4 billion and $10.7 billion respectively, compared with $5.8 billion and $19.1 billion for same periods in 2015 . Disposal proceeds, as per cash flow statement, were $0.5 billion for Q4, compared with $0.2 billion for same period in 2015 . Underlying RC profit for Q4 was $400 million . Says reserves replacement ratio. on a combined basis of subsidiaries and equity-accounted entities including impact of Abu Dhabi renewal was estimated at 109 pct(a) for year.  Full Article

BP expects OPEC cuts to have limited impact on output
Tuesday, 7 Feb 2017 02:30am EST 

Bp Plc : BP CFO Gilvary says OPEC cuts to have limited impact on company's production this year . BP CFO Gilvary says OPEC, non-OPEC producers appear to be sticking to production cut targets . BP CFO Gilvary says sees global crude stocks to build in first half of 2017 but stock draws expected for full year . BP CFO Gilvary says expects oil prices to hold above $50/bbl this year Further company coverage: [BP.L] (Reporting By Ron Bousso and Karolin Schaps) ((ron.bousso@thomsonreuters.com;)).  Full Article

BP says divestment proceeds for 2017 are expected to be $4.5-5.5 billion
Tuesday, 7 Feb 2017 02:00am EST 

Bp Plc : We have adapted by cutting our controllable cash costs by $7 billion from 2014 - a full year earlier than planned - ceo . Bp now anticipates balancing its organic sources and uses of cash by end of 2017 in a brent oil price environment of around $60 a barrel. . Divestment proceeds for 2017 are expected to be $4.5-5.5 billion, reverting to $2-3 billion a year thereafter. . Including estimated additional organic capital spending associated with portfolio additions, organic capital expenditure is now expected to be $16-17 billion in 2017 . Bp is moving towards completion of process for resolving business economic loss (bel) claims arising from 2010 oil spill . Amounts to resolve remaining claims are expected to be substantially paid in 2017 . In 2017 cash payments related to spill are expected to be lower than in 2016, around $4.5-5.5 billion, around $2 billion in 2018 and little over $1 billion a year from 2019 . Pre-Tax charge of $625 million was taken in quarter to reflect latest estimate for claims, including bel claims, and associated costs . Together with non-cash impact of ongoing unwind of discounting effects on provision and other costs, a total pre-tax charge of $800 million was taken in q4 .Total cumulative charge for incident is now $62.6 billion on a pre-tax basis, $44.1 billion after tax..  Full Article

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UPDATE 1-Britain awards 25 oil exploration licences in frontier tender

LONDON, March 23 Britain has awarded 25 licences for oil and gas exploration in previously untapped waters and announced a new licensing round for mature areas to be held in late May or June, the Oil and Gas Authority (OGA) said on Thursday.