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BP PLC (BP.L)

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Latest Key Developments (Source: Significant Developments)

BP announces start of production at key Shetland project
Monday, 22 May 2017 03:17am EDT 

May 22 (Reuters) - BP Plc ::Announces start of production from Quad 204 project, west of Shetland.Announce first oil from redeveloped schiehallion area.Over next 18 months, BP plans to participate in up to five exploration wells in UK, in addition to drilling about 50 development wells over next 3-4 years.  Full Article

BP says Melody Meyer elected as a non-executive director
Thursday, 18 May 2017 08:30am EDT 

May 18 (Reuters) - BP Plc ::Melody meyer was elected as a non-executive director at company's annual general meeting on 17 may..  Full Article

BP announces start of production from West Nile Delta Development, Egypt
Wednesday, 10 May 2017 10:35am EDT 

May 10 (Reuters) - BP Plc ::Start of production from West Nile Delta Development achieving first gas eight months ahead of schedule and production 20 per cent above plan.Has started gas production from first two fields, taurus and libra, of west nile delta development in Egypt.Project was delivered eight months ahead of start-up schedule and under budget.  Full Article

BP, Kosmos JV to drill exploration wells offshore senegal
Monday, 8 May 2017 08:11am EDT 

May 8 (Reuters) - BP Plc ::BP along with joint venture partner Kosmos energy announced today a major gas discovery offshore Senegal.BP and Kosmos will be drill stem testing Tortue discovery in mid-2017 and will drill 3 exploration wells over next 12 months offshore of Senegal and Mauritania.  Full Article

BP Q1 underlying replacement cost profit rises to $1.5 bln
Tuesday, 2 May 2017 02:56am EDT 

May 2 (Reuters) - BP Plc ::Q1 underlying replacement cost profit $1.5 billion versus profit of $532 million year ago.Q1 downstream underlying replacement cost profit before interest and tax $1.74 billion versus $1.81 billion year ago.Q1 upstream underlying replacement cost profit before interest and tax $1.4 billion versus loss of $747 million year ago.Q1 production for quarter was 2,388mboe/d, 3.0% higher than q1 of 2016.Expect second-quarter 2017 reported production to be broadly flat with Q1.Quarterly dividend of 10.00 cents per ordinary share.Net debt at 31 March 2017 was $38.6 billion, compared with $30.0 billion year ago .Net debt ratio* at 31 March 2017 was 28.0%, compared 23.6% a year ago .Divestment proceeds were $0.3 billion for Q1, compared with $1.1 billion for same period in 2016 .Expect material improvement in operating cash flow from second half.Q1 operating cash flow, excluding payments related to Gulf of Mexico oil spill of $4.4 billion.Expect divestments to be in the range of $4.5-5.5 billion for 2017.In April, Rosneft completed acquisition of a 100% interest in kondaneft project for approximately $700 million .Continue to expect organic capital expenditure to be in the range of $15-17 billion for 2017.Gulf of Mexico oil spill pre-tax charge, which predominantly relates to finance costs for unwinding of discounting effects, was $161 million for quarter.  Full Article

BP CFO says expects oil prices to average $50-55 a barrel this year
Tuesday, 2 May 2017 02:34am EDT 

May 2 (Reuters) - BP Plc :BP CFO says expects oil demand growth of 1.3 million barrels a day this year.BP CFO tells Reuters expects oil prices to trade between $50-55/bl this year.BP CFO says if OPEC extends production cuts, expects crude oil stock levels to fall to top end of historical average.  Full Article

BP Q1 underlying replacement cost profit rises to $1.51 bln
Tuesday, 2 May 2017 02:20am EDT 

May 2 (Reuters) - BP Plc ::Q1 underlying replacement cost profit $1.51 billion versus $532 million year ago.Q1 production for quarter was 2,388mboe/d, 3.0% higher than q1 of 2016.Expect second-quarter 2017 reported production to be broadly flat with q1.Quarterly dividend of 10.00 cents per ordinary share.Q1 downstream underlying replacement cost profit before interest and tax $1.74 billion versus $1.81 billion year ago.Q1 upstream underlying replacement cost profit before interest and tax $1.4 billion versus loss of $747 million year ago.Net debt at 31 March 2017 was $38.6 billion, compared with $30.0 billion a mainly due to impact of renewal of interest in Abu Dhabi year ago.Net debt ratio* at 31 March 2017 was 28.0%, compared with onshore oil concession. Adjusted ETR for both periods reflects 23.6% a year ago.Divestment proceeds were $0.3 billion for Q1, compared with was 29%, compared with 37% for same period in 2016. Adjusting for $1.1 billion for same period in 2016.Expect material improvement in operating cash flow from second half.Q1 operating cash flow, excluding payments related to Gulf of Mexico oil spill of $4.4 billion.Expect divestments to be in the range of $4.5-5.5 billion for 2017.Acquisition price of a 100% interest in kondaneft project is expected to be approximately $700 million.Continue to expect organic capital expenditure to be in the range of $15-17 billion for 2017.  Full Article

BP says to dispose interest in SECCO to Sinopec for $1.68 bln
Thursday, 27 Apr 2017 07:27am EDT 

April 27 (Reuters) - BP Plc ::BP agrees sale of interest in SECCO to SINOPEC.Consideration of sale of interest in SECCO to SINOPEC $1.68 billion.SECCO is currently owned by BP (50%), SINOPEC (30%) and Sinopec Shanghai Petrochemical Company Limited (20%), in which Sinopec holds a majority interest.Intends to use proceeds from disposal, most if not all of which are anticipated to be received in 2017, for general corporate purposes.Tansaction is subject to a number of regulatory approvals and other conditions, subject to which, it is currently anticipated to complete before end of year.  Full Article

Fitch affirms BP at 'A', outlook stable
Friday, 21 Apr 2017 06:50am EDT 

April 21 (Reuters) - BP Plc :Fitch affirms BP at 'A', outlook stable.  Full Article

BP says starts up Trinidad onshore compression project
Thursday, 13 Apr 2017 09:21am EDT 

BP Plc : BP starts up Trinidad onshore compression project . Full start-up will take place over next few months. . When fully on stream, onshore compression facility will have potential to deliver approximately 200 million standard cubic feet of gas per day. . Atlantic LNG Company Of Trinidad and Tobago will serve as operator. Further company coverage: [BP.L] (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

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