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BP PLC (BP)

BP on New York Consolidated

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28 Jul 2016
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Latest Key Developments (Source: Significant Developments)

BP could take three more investment decisions this year - CEO
Tuesday, 26 Jul 2016 05:23am EDT 

Bp Plc : Bp ceo says potential projects are gas project in india, mad dog 2 and trinidad project . Bp ceo says could make three more investment decisions this year . 5 billion this year . Bp ceo says sees oil prices recovering by end of 2016 or early 2017 as seeing signs that market is balancing Further company coverage: [BP.L] (London Equities Newsroom) ((+44 20 7542 7717;)).  Full Article

BP Q2 underlying RC profit of $720 million
Tuesday, 26 Jul 2016 02:47am EDT 

Bp Plc : Upstream replacement cost (rc) loss for q2 was $109 million compared with a profit of $228 million a year ago . Upstream underlying rc profit for q2 was $29 million compared with $494 million for same period in 2015 . Upstream q2 non-operating items include a net gain of $7 million, a charge of $348 million for h1 . Total company net pre-tax charge of $5,229 million for q2 and $6,146 million for half year . Total company net cash provided by operating activities for q2 and half year was $3.9 billion and $5.8 billion respectively . 2Q16 part 1 of 1 . Q2 replacement cost (rc) loss for q2 was $2,247 million, compared with a loss of $6,266 million a year ago . Net cash provided by operating activities for q2 and half year was $3.9 billion and $5.8 billion respectively . Net debt. at 30 june 2016 was $30.9 billion, compared with $24.8 billion a year ago . Underlying rc profit for q2 was $720 million, compared with $1,313 million for same period in 2015 . Net pre-tax charge of $5,229 million for q2 and $6,146 million for half year . Company provided analyst consensus . Q2 capital expenditure on an accruals basis. for q2 was $4.2 billion compared with $4.7 billion for same period in 2015 . Quarterly dividend of 10.00 cents per ordinary share ($0.600 per ads) . Q2 downstream replacement cost profit before interest and tax for q2 $1,405 million versus $1,628 million year ago.  Full Article

Bidenergy signs agreement with BP Australian and New Zealand
Wednesday, 20 Jul 2016 07:40pm EDT 

Bidenergy Ltd : Signs agreement with bp Australian and New Zealand . Signed a subscription agreement to provide cloud-based platform to the Australian and New Zealand businesses of BP plc .  Full Article

BP estimates remaining material Deepwater Horizon liabilities
Thursday, 14 Jul 2016 12:58pm EDT 

BP Plc : BP estimates all remaining material Deepwater Horizon liabilities . Co says it can now reliably estimate all of its remaining material liabilities in connection with Deepwater Horizon incident . Expects to take an after-tax non-operating charge of around $2.5 billion in its Q2 2016 results. . Charge is expected to include a pre-tax non-operating charge associated with oil spill of around $5.2 billion . Cumulative pre-tax charge relating to deepwater horizon incident estimated at $61.6 billion or $44.0 billion after tax .Co believes any further outstanding deepwater horizon-related claims not covered by this additional charge will not have a material impact.  Full Article

Oil firm Det norske aims for drilling in new Arctic area by 2017/18
Thursday, 14 Jul 2016 04:15am EDT 

: Det norske CEO Karl Johnny Hersvik tells a presentation of the firm's second-quarter results that drilling in Barents Sea licences awarded in the 23rd oil licensing round off Norway may occur as early as next year or maybe in 2018 . CEO Hersvik says: "We have capacity to take on another acquisition after the BP merger" . CFO Alexander Krane says: "After the merger with BP, we expect our borrowing base under the RBL (reserve based lending) to increase going forward. We will update the market as to the discussions with our banks going forward" . CFO Krane says lower capex guidance due to more efficient operations at the Norwegian Alvheim oilfield and lower cost estimate on the Johan Sverdrup oilfield (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Oil firm Det norske cuts 2016 capex outlook, Q2 beats forecasts
Thursday, 14 Jul 2016 12:59am EDT 

Det Norske says: Q2 revenues $256 million (Reuters poll $241 million) vs $322 mln in Q2 2015 . Q2 ebitda $174 million (Reuters poll $154 million) vs $224 mln in Q2 2015 . Q2 net result $6 million (Reuters poll $10 million) vs $7 mln in Q2 2015 . Q2 production was 62.440 barrels of oil equivalent per day, realising an average oil price of $49 per barrel . Says debottlenecking study for Johan Sverdrup phase 1 concluded with an increase in phase one production capacity to 440 thousand barrels of oil equivalent per day . Says the Johan Sverdrup project is moving forward according to plan and the company sees potential for further cost reductions . The latest estimate for capex for sverdrup phase 1 is nok 108.5 billion (nominal value) and nok 160 to 190 billion (real) for full field, based on the same fx-assumptions as in the PDO . Says Ivar Aasen project is progressing according to plan and budget with planned start-up in q4 2016 . Says Det norske (ex. Bp norge) expects 2016 capex to be $900 -920 mln, a reduction from previous range of $925-975 mln due to project cost savings . Says exploration expenditures are expected to be $200-220 mln, an increase from previous range of $160-170 mln due to added number of wells . Repeats 2016 production of 55–60 mboepd . Says 2016 production cost is still expected to average in range 8 to 9 USD per barrel of oil equivalent.  Full Article

BP says FID on Tangguh LNG facility approved
Friday, 1 Jul 2016 04:44am EDT 

BP Plc : BP press release - BP announces final investment decision to expand Indonesia’s Tangguh lng facility . Announced that the final investment decision (FID) has been approved for the development of the Tangguh expansion project in the Papua Barat province of Indonesia . Tangguh expansion project will add a third LNG process train (train 3) and 3.8 million tons per annum (MTPA) of production capacity to the existing facility . The project also includes two offshore platforms, 13 new production wells, an expanded LNG loading facility, and supporting infrastructure . Awards for the project’s key EPC contracts are expected in the third quarter of 2016 with construction to begin thereafter. Operation is expected in 2020 .Project will create 10,000 new jobs and support economic growth in Papua Barat province.  Full Article

Elementis names BP Lubricants exec as CFO designate
Monday, 27 Jun 2016 03:17am EDT 

Elementis Plc : Announces appointment of Ralph Hewins as group CFO-designate to succeed Brian Taylorson when he steps down from role .Ralph Hewins has been CFO of BP Lubricants since 2010.  Full Article

BP says sanctions "fast-track" development of Atoll discovery in egypt
Monday, 20 Jun 2016 04:51am EDT 

BP Plc : Bp sanctions "fast-track" development of atoll discovery in egypt . Atoll phase one project will bring up to 300 million cubic feet a day (mmscfd) gross of gas Further company coverage: [BP.L] (((Bengaluru Newsroom +91 806 749 1136);)).  Full Article

BP announces new gas discovery in Egypt field
Thursday, 9 Jun 2016 06:19am EDT 

Bp Plc : BP press release - BP announces latest gas discovery in Egypt's east mediterranean . Further appraisal activities will be required to underpin full resource potential of discovery . BP holds a 50 pct stake in Baltim South Development Lease, and ENI, through its subsidiary IEOC, holds 50 pct . Well was drilled by Petrobel, a joint venture between IEOC and state partner Egyptian General Petroleum Corporation (EGPC) Further company coverage: [BP.L] (((Bengaluru Newsroom +91 806 749 1136);)).  Full Article

BRIEF-Komputronik unit extends cooperation with PKO BP

* Said on Wednesday its unit, Komputronik Biznes sp. z o.o., extends its cooperation under contract with PKO BP SA