Equity Research, Broker Reports, and media content on BP PLC etc.

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Equity Research, Broker Reports, and media content on BP PLC etc.

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about BP PLC
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree offers BP PLC research coverage from 1 professional analysts, and we have 7 reports on our platform.

Our simple but effective charting function allows for a quick scan of BP PLC's performance over multiple time horizons.

Date Source Announcement
12/10/2016 17:11:01 London Stock Exchange Director/PDMR Shareholding
30/09/2016 15:42:20 London Stock Exchange Total Voting Rights
28/09/2016 14:26:16 London Stock Exchange BP p.l.c. publishes provisional dividend dates
23/09/2016 14:16:37 London Stock Exchange Director/PDMR Shareholding
21/09/2016 17:20:59 London Stock Exchange Director/PDMR Shareholding
20/09/2016 16:09:37 London Stock Exchange Director/PDMR Shareholding
19/09/2016 12:19:50 London Stock Exchange Director/PDMR Shareholding
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Latest Content

Difficult H2 16 ahead, much better time as from 2017

  • 27 Jul 16

As previously mentioned, the company missed analysts’ expectation by 15% for the second quarter of 2016, driven, in our view, by the E&P division which reported a loss of $100m for the quarter, less than in Q1 16, but still a loss with oil at $45/bbl on average over the quarter. 1) Indeed, the E&P division saw its production lower than expected, down 1% yoy to 2.09mbpd (up 1.5% on an underlying basis). The US division reported a loss of $419m compared to a loss of $863m in Q1 16. Non-US earnings were a positive $310m. Cost cutting has not seen a significant move during the quarter. Natural gas was on average at $2.66/mcf compared to $2.84/mcf in Q1 16. 2) In the downstream division, clean income of $1.4bn mainly came from the fuel business which reported earnings of $1bn, 38% weaker yoy due to the lower refining margin but still supported by better efficiencies in operations. THe global refining margin averaged $13.8/bbl, the lowest quarter since 2010. Trading was also not so important, according to our understanding. The lubricant business helped and came up 2% yoy to $412m thanks to the strong performance in growth markets and premium brands. Finally, the Petrochemical business reported earnings up 15% to $90m due to optimisation even though the environment was similar to Q2 15. 3) Rosneft reported clean income of $246m. As a reminder, the segment includes equity-accounted earnings arising from BP’s 19.75% shareholding in Rosneft. Compared to last year, the results were affected by lower oil prices partially offset by favourable foreign exchange effects. 4) Other: in other business and corporate, the group reported a pre-tax underlying replacement cost charge of $380m and this is expected to be $300m for the rest of the year. The underlying effective tax rate for the Q2 16 was 21%, lower than a year ago due to changes in the mix of earnings. A 35-40% is more reasonable for the coming quarters. Non-operating restructuring charges are expected to approach around $2.5bn in total by the end of 2016, with around $1.9bn incurred so far since Q4 14. $70m was incurred in Q2 16. The Q2 16 also included a net non-operating charge of $5,149m primarily relating to costs for the Gulf of Mexico oil spill, as previously disclosed, since the federal district court approved in April the consent decree between the US, the Gulf’s states and BP which resolves all United States’ and Gulf states’ natural resource damages and clean water act penalties and certain other claims. Net cash flow from operating activities was $5.3bn (excluding Macondo,) while capex was $4.3bn and the cash dividend $1.1bn. Net debt stood at $31bn with a gearing of 25%. The dividend is unchanged at USc10 per share.

Q4 15: Poor trading in both upstream and downstream

  • 08 Feb 16

The company reported its Q4 15 results. Adjusted profit came in below expectations at $196m vs. $800m expected. For the full year, the group reported a replacement cost profit down 51% compared to 2014, at $5.9bn. +*Results by division:*+ 1) In the upstream division, the group reported a loss of $728m on an adjusted basis for Q4 15, leading to a $1.2bn profit for the full year 2015, compared to $15.2bn for the full year 2014. An impairment of $1.64bn was recorded relating to a number of assets following changes in assumptions for energy prices. Underlying production was up 1.7% mainly due to improved operating efficiency, wellwork delivery and major project start-ups. For the full year, production was 2.56mbpd. Production in 2016 should be stable compared to 2015. 2) In the downstream division, adjusted results came in at $1.2bn, stable yoy and down by half compared to Q3 15. The lower result for the quarter was due to weak supply and trading results despite lower costs from simplifications and efficiencies. Looking ahead, BP mentioned that refining margins in Q1 16 are expected to be lower than in Q4 15. Non-US profit came in 15% lower yoy to $741m vs. $477m for US profit. 3) Adjusted profit from Rosneft (19.75% share) was down 50% yoy to $235m, affected by lower oil prices, foreign exchange and comparatively favourable duty lag effects. +*Cash flow position*+ Operating cash flow excluding working capital movements was $2bn, while capex came in at $6bn and the dividend $1.5bn. Working capital movements and disposals slightly helped to cover capex. But, all in all, debt increased by $5bn for Q4 15. For the full year, operating cash flow was $19bn with capex of $19bn and the dividend at $6.6bn. Disposals were low at $2.8bn. Net debt came in at $27bn, or gearing of 21.6%. The dividend was maintained at 10cents for the quarter. Capex was expected to be $20bn in 2015 after the $23bn spent in 2014. Guidance for 2016 is in the low range of the expectation given in October of $17-19bn. 80% is committed. On divestments, the group expects another $3bn in 2016 and an historical norm of $2bn per year afterwards. +*Cost cutting*+ On cost cutting, the group highlighted that controllable cash costs for the full year 2015 are some $3.4bn lower than in 2014. The target is $7bn in 2017, half of which is already done. Restructuring charges should approach $2.5bn by the end of 2016, or $1bn more than the $1.5bn already reported. !!

Lower costs more interesting than earnings

  • 27 Oct 15

BP reported adjusted net income 10% above our expectations at $1.8bn vs. $1.62bn expected driven by higher downstream earnings. Refining accounts for more than 90% of the quarter's earnings. Upstream was resilient with low oil prices. By division: 1. Upstream's underlying profit before interest and tax was $823m despite lower oil and gas prices ($44.01/bbl for liquids), offset by lower costs including the benefits from simplication and efficiencies, as well as strong gas marketing and trading results. Production was 2.24mbpd, down 2.2% like for like due to seasonal turnaround activity. Year to date, production is stable like for like vs. 2014 at 2.22mbpd. Production in Q4 should be slightly higher in Q4 15. 2. Downstream underlying profit before interest and tax was $2.3bn, up from $1.5bn in Q2 15, driven by strong fuel businesses with a strong refining operation. The fuel business still accounts for nearly half of the earnings. Refining remains however uncertain and the group expects reduced refining margins and lower seasonal demand to adversely impact fuel margins and volumes compared with the third quarter. 3. On Rosneft, underlying profit before interest and tax came in at $382m with a favourable impact from currencies and a negative one on prices. Little news on the division but figures came in ahead expectations. On cash flow, excluding the Gulf of Mexico oil spill, net cash provided from operating activities in Q3 15 was $5.4bn, and capex at $4.3bn. The dividend payment was $1.7bn. Over the first nine months of 2015, the group burnt $5bn before disposals on capex and dividend. On capex, the company announced this should be in the range of $17-19bn a year through to 2017 and to closer to $19bn in 2015. Expectations for 2015 capex were $24-26bn a year ago and under $20bn in Q2 15. The current divestment programme is nearing completion, with total agreed divestments expected to approach $10bn by the end of 2015 – the total is currently $7.8bn. As it continues to manage its portfolio actively, BP expects to agree a further $3-5bn of divestments in 2016 before returning to a rate of around $2-3bn a year thereafter. The group announced a quarterly dividend of 10cents to be paid on 18 December 2015.