bp oil spill underwater dome
Giant underwater dome to stop oil spill after Deepwater Horizon rig blows
bp oil spill may 18
BP slips, as expected
BP PLC (BP) announced a second quarter 2010 loss of $ 5.48 per American Depositary Share (ADS) in a below Zacks consensus estimate of $ 1.44 and earnings of $ 1.40 last year. The loss is mainly due to a pretax charge 32.2 billion in the Gulf of Mexico (GOM) oil spill that the company had to register in the district.
Without, however, company revenue grew approximately 34% to $ 75,871 to $ 56.561 million dollars in the first quarter the previous year and exceeded the consensus estimate of $ 72.600 million Zacks.
The company also confirmed that the CEO, Tony Hayward, to be replaced by Bob Dudley on October 1, 2010.
Prices and Production
The oil company has sold $ 72.90 per barrel (52.33 dollars Face previous quarter) and natural gas to $ 3.76 per thousand cubic feet (compared to $ 2.86). Total production for the quarter was 3.85 million boe / d (million barrels of oil equivalent per day), down 4% from the previous year.
Refining and Marketing (R & M) performance
Refining and Marketing (R & M) industry has posted a profit of 2.075 million dollars significantly higher than the previous year's figure of $ 680,000,000, driven by improvement chains operating performance fuel value, and continued strong margins in international trade, with both lubricants and petrochemical products with a healthy behavior.
refining margin increased to 5.49 per barrel of $ 4.98 per barrel in the second quarter of 2009. Total refinery has increased by approximately 7.0% compared to the previous year, while the availability of refining increased to 94.6% compared to 93.6% in the second quarter of 2009.
For the third quarter of 2010, the company expects that the seasonal decline in refining margins.
Suspension of Dividend
The Company has suspended the dividend in the first quarter which was scheduled for payment on June 21, 2010, and further decided not ordinary dividend was paid by the second and third quarters of 2010. We believe that the suspension may improve the financial flexibility of the company overcome the high cleanup costs and compensation in respect of the oil spill.
Capital expenditure (Capex) and the sale of active
Total capital expenditures BP reported during the quarter was $ 6.2 billion, compared to 4.8 billion during quarter the previous year. Organic capital expenditure of the company amounted to U.S. $ 4.4 billion expected for both 2010 and 2011 is approximately $ 18 billion.
UK plans major financial problems to have 30 billion dollars in assets during the next 18 months, including $ 7 billion of assets amounting to Apache Corporation (APA). The Permian Basin properties for sale assets worth 3.10 billion dollars, the Western Canadian assets and $ 3,250,000,000 gas upstream assets of $ 0.65 billion in Egypt. Company also intends to sell its oil and gas in Vietnam and Pakistan for about $ 2 – $ 4 billion.
The company expects that pay most costs associated with oil spills by the end of this year. Other charges include fines and penalties, the longer-term rehabilitation, compensation and legal costs, is likely to be extended over several years.
Results
The company incurred 23.2 billion dollars of net debt at the end of the second quarter, down about 14% over the year, a ratio of net debt to capitalization 21% against 22% in the second quarter of 2009.
disposals of assets, which will focus mainly on upstream assets, will reduce your BP level of net debt to $ 10,000,000,000 to 15 billion dollars next 18 months.
Cash Net from operating activities for the quarter was $ 6800000000, including $ 2100000000 outflows related to the MBO of oil spill compared to $ 6.8 billion in the quarter a year earlier.
Our recommendation
GOM oil spill tragedy has finally broken the fundamental principles the Palestinian Authority, but its ongoing effort to fight against the consequences of gaining momentum. Company has already taken prudent measures to protect the interests of residents in the affected region. The company is also considering the sale of certain assets to raise funds to pay expenses associated with the deepwater incident Horizon.
We maintain our neutral recommendation for long-term BP the back of his career leading the industry in terms of reserve replacement ratio and strong fundamentals.
As the effects continue for long Macondo, BP will incur huge expenses in the coming years would be more difficult for the reference group. In the short term, this issue will heavily on the evaluation The company is based. Our short-term rating of the PA is a Zacks # 5 Rank (Strong copy).
bp oil spill may 17
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