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bp plc-spons adr (BP) Key Developments

BP plc Announces Quarterly Dividend for the Second Quarter of 2014, Payable on September 19, 2014

BP plc announced a quarterly dividend for the second quarter of 2014 of 9.75 cents per ordinary share, the same level as the previous quarter but 8.3% higher than a year earlier. The dividend is payable on September 19, 2014.

BP plc Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and First Half Ended June 30, 2014; Provides Production Guidance for the Third Quarter and Full Year 2014

BP plc announced unaudited consolidated earnings and production results for the second quarter and first half ended June 30, 2014. For the quarter, the company reported sales and other operating revenue of $93,957 million against $94,711 million a year ago. Profit before interest and taxation was $5,503 million against $4,485 million a year ago. Profit before taxation was $5,147 million against $4,116 million a year ago. Profit attributable to company shareholders was $3,369 million against $2,042 million a year ago. Diluted earnings per share were $18.15 against $10.68 a year ago. Net cash provided by operating activities was $7,877 million against $5,387 million a year ago. Capital expenditure was $5,499 million against $6,111 million a year ago. Total revenues and other income was $95,827 million against $95,704 million a year ago. Diluted earnings per ADS were $1.09 against $0.64 a year ago. Excluding oil spill-related outgoings, the first half underlying cash flow of $17 billion was $6.8 billion higher than a year ago. For the first half, the company reported sales and other operating revenue of $185,667 million against $188,818 million a year ago. Profit before interest and taxation was $11,140 million against $24,623 million a year ago. Profit before taxation was $10,417 million against $23,850 million a year ago. Profit attributable to company shareholders was $6,897 million against $18,905 million a year ago. Diluted earnings per share were $37.11 against $98.53 a year ago. Net cash provided by operating activities was $16,108 million against $9,354 million a year ago. Capital expenditure was $11,390 million against $11,840 million a year ago. Net debt at 30 June 2014 was $24.4 billion, compared with $18.2 billion a year ago. Total revenues and other income was $188,815 million against $202,918 million a year ago. Diluted earnings per ADS were $2.23 against $5.91 a year ago. For the quarter, the company reported production of 2,106mboe/d, 6% lower than the second quarter of 2013. Underlying production was 3.1% higher. This reflected growth in production from higher-margin areas, mainly driven by strong performance in the Gulf of Mexico. For the first half, the company reported production of 2,118mboe/d, 7.3% lower than in the same period of 2013. First-half underlying production was 1.4% higher than in 2013. The company expects third-quarter 2014 reported production to be lower than the second quarter, primarily reflecting planned major turnaround and seasonal maintenance activities in Alaska and the Gulf of Mexico. The company expects the seasonal reduction to be slightly larger than the company experienced in the same quarters of 2013 due to phasing of these activities. The company expects full year 2014 underlying production to grow compared to 2013 after adjusting for the impacts of the Abu Dhabi onshore concession expiry and divestments. This increase is mainly driven by the startup of major projects. The company expects capital expenditure in a range of $24 billion to $26 billion per annum.

BP plc Appoints Alan Boeckmann as Non-Executive Director

The board of BP plc announced that it has appointed Mr. Alan Boeckmann as a non-executive director with immediate effect. Mr. Boeckmann was previously Chairman and Chief Executive Officer of Fluor Corporation. Alan Boeckmann retired as non-executive chairman of Fluor Corporation in February of 2012, ending a 35 year career with the company. As chairman and CEO, Mr. Boeckmann refocused the company on engineering, procurement, construction and maintenance services. Alan Boeckmann currently serves as a non-executive director of Sempra Energy and Archer Daniels Midland. He is also a board member and trustee of Eisenhower Medical Center in Rancho Mirage, California.

BP plc Announces Executive Changes

BP announced that Iain Conn, Group Managing Director and Chief Executive, Downstream, is leaving the company and is to step down from BP's board by the end of the year. Conn will hand over the role of Chief Executive, Downstream to Tufan Erginbilgic on 1 October 2014. Erginbilgic is currently Chief Operating Officer for BP's fuels businesses globally, which includes responsibility for BP's global refining function. Conn's regional responsibilities for Europe and Asia will be assumed by Dev Sanyal, BP's Executive Vice President, who is appointed Executive Vice President, Strategy and Regions.

FMC Technologies, Inc. Announces Agreement with Anadarko Petroleum Corporation, BP, ConocoPhillips and Shell to Develop a New Generation of Subsea Production Equipment

FMC Technologies, Inc. announced that it has signed an agreement which establishes a joint industry program that includes Anadarko Petroleum Corporation, BP, ConocoPhillips and Shell for the purpose of jointly developing a new generation of standardized subsea production equipment and systems designed to meet the challenges of producing oil and gas from deepwater reservoirs with pressures of up to 20,000 psi and temperatures of 350degF at the mudline. FMC Technologies brings four operators together to jointly develop subsea equipment and systems that will meet the technical challenges of high pressures and temperatures, and will serve to improve overall deepwater development through the standardization of materials, processes, and interfaces, as well as the enhancement of reliability and operability.

 

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BP

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Valuation BP Industry Range
Price/Earnings 15.4x
Price/Sales 0.4x
Price/Book 1.2x
Price/Cash Flow 6.1x
TEV/Sales 0.4x
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