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BP makes $1bn loss as oil prices slump

February 3, 2015

BP makes $1bn loss as oil prices slump

Company faces losses, share-price fall and more fines over Deeepwater Horizon spill with underlying profits likely to take a hit

BP has crashed to a $1bn loss in the final quarter of the year as low oil prices and more writedowns hammered its results.

Its chief executive, Bob Dudley, warned the industry had now entered a “challenging new phase” of reduced crude prices clearly signalling he expected no quick bounce back for the value of Brent.

The $969m (£645m) replacement cost loss in the final three months of the year compared with a profit of $1.5bn for the same period last year. The underlying replacement cost loss – a “clean” figure preferred by analysts – came in at $2.2bn, compared to $2.8bn last time.

Shares in BP fell over 2% in early trading despite the company raising the dividend for investors to 10c.

The troubled oil company, which has in the past been a subject of takeover speculation, said it would be slashing its spending for 2015 to $20bn, down from a target of over $24bn in 2014.

BP also revealed it had so far spent $43.5bn on fines and other liabilities resulting from the Gulf of Mexico blowout. The company admits it could still face charges of $13.7bn under a Clean Water Act but is hopeful it can avoid this.

“We have now entered a new and challenging phase of low oil prices through the near and medium term,” said Bob Dudley, BP group chief executive.

…click on the above link to read the rest of the article…

 

The Cartel: How BP Got Insider Tips Through a Secret Chat Room – Bloomberg

December 30, 2014

The Cartel: How BP Got Insider Tips Through a Secret Chat Room – Bloomberg.

Halfway down a muddy, secluded road on marshland in suburban Essex sits Wharf Pool, a lake stocked with some of the biggest freshwater fish you will ever see.

A white sign with red lettering reads: “Private Syndicate: Strictly Members Only.” A metal gate, a barbed-wire fence and two CCTV cameras bar the way. Anglers hoping to spend time on the lake’s carefully tended banks must join a waiting list. Those who make it to the top pay a membership fee that buys them the chance to catch a carp that weighs more than a Jack Russell. There are hundreds of them swimming beneath the surface. It’s close to shooting fish in a barrel.

An hour away by train, in London’s financial district, the lake’s owners ply their trade. Wharf Pool was purchased for about 250,000 pounds ($388,000) in 2012 by Richard Usher, the former JPMorgan Chase & Co. (JPM) trader at the center of a global investigation into corruption in the foreign-exchange market, and Andrew White, a currency trader at oil company BP Plc. (BP/)

…click on the above link to read the rest of the article…

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