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BP PLC (BP)

BP on New York Consolidated

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21 Jun 2017
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Latest Key Developments (Source: Significant Developments)

Statoil swaps stakes with BP in four blocks off Australia
Thursday, 8 Jun 2017 04:48pm EDT 

June 8 (Reuters) - Statoil Asa : :Says has signed a swap agreement with BP <<>> and has been granted regulatory approval to take over two exploration permits and extend its work program in the Great Australian Bight.Says has transferred its 30% equity interest in offshore exploration permits EPP37 and EPP38 to BP and exited the licences.Says BP has transferred its 70% equity interest in offshore exploration permit EPP39 and EPP40 to Statoil and exited the licences.Says Statoil consequently holds 100% equity interest in the two exploration permits.Says the regulator has granted Statoil a suspension and extension of the work commitments in EPP39 and EPP40.Says the approved extension includes drilling of one exploration well in EPP39 before Oct. 30, 2019.  Full Article

Moody's upgrades BP's rating to A1; outlook is positive
Thursday, 8 Jun 2017 08:02am EDT 

June 8 (Reuters) - BP Plc ::Moody's upgrades BP's rating to A1; outlook is positive.Moody's says upgraded to a1 from A2 issuer rating of bp and long term debt ratings of its guaranteed subsidiaries.Moody's says decision to upgrade bp factors in increased clarity around size, timing of remaining cash payments linked to deep water horizon incident.  Full Article

Repsol and BP discover large gas volume in Trinidad and Tobago
Monday, 5 Jun 2017 11:24am EDT 

June 5 (Reuters) - REPSOL SA ::DISCOVERS IN TRINIDAD AND TOBAGO ITS LARGEST VOLUME OF GAS OF THE LAST FIVE YEARS‍​.SAYS THE DISCOVERY MADE IN TWO WELLS WAS COMPLETED BY REPSOL AND ITS PARTNER BP.SAYS HAS A 30% INTEREST IN THE DISCOVERY CONSORTIUM, BPTT, WHILE THE REST BELONGS TO BP.  Full Article

BP finds more gas in Trinidad, sanctions new field development
Friday, 2 Jun 2017 03:21am EDT 

June 2 (Reuters) - BP Plc ::‍BP discovers more gas in Trinidad and sanctions development of new field.Has made two new gas discoveries offshore Trinidad, which have potential to support future developments.Results of Savannah and Macadamia exploration wells have unlocked about 2 trillion cubic feet of gas in place to underpin new developments.‍Have now approved development of our next gasfield offshore Trinidad, Angelin, expected to come on stream in 2019​.At Angelin offshore gas project, drilling is due to commence in Q3 2018 and first gas from the facility is expected in 1Q 2019.  Full Article

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

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* Preamble from the Achnacarry Agreement: http://tmsnrt.rs/2sB4gwy