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Stock Market & Financial Investment News

News Breaks
March 4, 2014
07:56 EDTBPBP says disagrees with appeals court decision, held no provision for BEL claims
BP said it disagrees with the decision by the U.S. Court of Appeals for the Fifth Circuit denying the company’s request for a permanent injunction preventing certain payments under the Economic and Property Damages Settlement it reached in 2012. BP had asked the Court to prevent payments to business economic loss, BEL, claimants whose alleged injuries are not traceable to the Deepwater Horizon accident and oil spill. BP believes that such BEL claimants are not proper class members under the terms of the settlement and is considering its appellate options. The Judges on the panel split three ways, with two Judges voting to affirm the District Court and deny permanent injunctive relief but without agreeing in all respects on a rationale. By denying the relief BP requested, however, BP believes that today's decision will improperly allow for the payment of losses with no connection to the spill. BP further believes that unless this problem is fully corrected, the settlement cannot be upheld under the law. BP has accordingly already sought en banc rehearing of the January 2014 decision by a separate panel of the Fifth Circuit upholding the validity of the settlement. The full Court has not yet reached a decision on BP's en banc rehearing petition. As of December 31, 2013, BP held no provision for BEL claims payable under the settlement because no reliable estimate could be made. A provision for BEL claims will be established when the uncertainties referred to in BP’s fourth quarter and full year 2013 results announcement are resolved and a reliable estimate can be made of the liability, the company said.
News For BP From The Last 14 Days
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December 21, 2014
14:16 EDTBPU.S seeks up to $18B in water-pollution fines from BP for spill, Bloomberg says
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December 18, 2014
07:47 EDTBPJacobs Engineering selected by BP as strategic supplier
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December 15, 2014
13:00 EDTBPEU conditionally approves BP acquisition of jet fuel unit, Reuters says
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December 14, 2014
17:07 EDTBPOPEC's Badri says group will withstand oil price fall, Reuters says
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December 12, 2014
06:51 EDTBPBrent crude oil fell to five year low, Reuters reports
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December 10, 2014
12:42 EDTBPBP volatility increases as shares trade at 30-month low
BP December and January call option implied volatility is at 31; compared to its 26-week average of 17 according to Track Data, suggesting large price movement.
10:00 EDTBPOn The Fly: Analyst Upgrade Summary
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06:06 EDTBPBP sees $1B in group-wide restructuring charges over coming year
"Although the current environment is challenging, BP is well-positioned to respond and manage our Upstream business for the long term,” said Upstream CEO Lamar McKay. “We expect to see growth from our conventional and deepwater assets and an increasing contribution from gas. And we also have a quality pipeline of opportunities that we believe are capable of extending underlying growth well beyond 2020. Our focus throughout will remain firmly on safe operations, execution efficiency and greater plant reliability.” BP also said that, as part of its wider ongoing Group-wide programme to simplify across its Upstream and Downstream activities and corporate functions, it expects to incur non-operating restructuring charges of circa $1B in total over the next five quarters, including the current quarter. Details of these charges and further guidance on the program are expected to be given with each quarter’s results. Across the Group, BP has said it will be looking to pare or re-phase capital expenditure without compromising safety or future growth. In October, BP told investors this could result in reductions of $1B-$2B in capital expenditure across the Group in 2015 against guidance of $24B-$26B laid out in March. This will be reviewed further as part of the 2015 plan, recognising the current outlook for oil prices. Between now and 2020, the Upstream team’s focus will be on delivery, through safe and reliable operations, strong execution in the existing base business, and the start-up of a suite of new projects which are expected to be capable of adding over 900,000 barrels of oil equivalent a day of net incremental production to BP’s portfolio by 2020. BP will also be progressing opportunities expected to continue to drive underlying growth into the next decade as it builds out its well-established conventional and deepwater oil positions and a distinctive and material portfolio of gas options.
05:53 EDTBPBP upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded BP (BP) to Buy saying shares could see an inflection point in 2015 with the Macondo penalty phase going to trial in January. Deutsche coupled the upgrade of BP with a downgrade of Royal Dutch Shell (RDS.A) to Hold.
December 9, 2014
11:40 EDTBPBP to invest $12B in Egypt over next five years, Reuters reports
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08:39 EDTBPBP to close U.S. cellulosic operations, Bloomberg reports
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December 8, 2014
10:53 EDTBPBP to continue advocating for probe of suspicious, implausible spill claims
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10:11 EDTBPBP's plea to review Deepwater Horizon settlement rejected, WSJ reports
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07:53 EDTBPClimate for Exxon E&P acquisition improved by falling prices, WSJ says
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06:09 EDTBPBP to cut hundreds of U.K. jobs this week, Guardian reports
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December 7, 2014
19:41 EDTBPBP set to reduce middle management ranks, freeze projects, Sunday Times says
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