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    BP.   GB0007980591

BP PLC

(BP.)
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PRESS RELEASE: BP p.l.c.: 2Q21 SEA Part 1 of 1 -19-

08/03/2021 | 02:01am EDT

and because it may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp's operational performance on a comparable basis, period on period, by adjusting for the effects of these adjusting items. The nearest equivalent measure on an IFRS basis for the group is profit or loss attributable to bp shareholders. The nearest equivalent measure on an IFRS basis for segments and businesses is RC profit or loss before interest and taxation. A reconciliation to GAAP information is provided on page 1 for the group and pages 6-15 for the segments. Top of page 43 Glossary (continued) Underlying RC profit or loss per share is a non-GAAP measure. Earnings per share is defined in Note 7. Underlying RC profit or loss per ordinary share is calculated using the same denominator as earnings per share as defined in the consolidated financial statements. The numerator used is underlying RC profit or loss attributable to bp shareholders rather than profit or loss attributable to bp shareholders. Underlying RC profit or loss per ADS is calculated as outlined above for underlying RC profit or loss per share except the denominator is adjusted to reflect one ADS equivalent to six ordinary shares. bp believes it is helpful to disclose the underlying RC profit or loss per ordinary share and per ADS because these measures may help investors to understand and evaluate, in the same manner as management, the underlying trends in bp's operational performance on a comparable basis, period on period. The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss for the period attributable to bp shareholders. upstream includes oil and natural gas field development and production within the gas & low carbon energy and oil production & operations segments. References to upstream exclude Rosneft. upstream/hydrocarbon plant reliability (bp-operated) is calculated taking 100% less the ratio of total unplanned plant deferrals divided by installed production capacity. Unplanned plant deferrals are associated with the topside plant and where applicable the subsea equipment (excluding wells and reservoir). Unplanned plant deferrals include breakdowns, which does not include Gulf of Mexico weather related downtime. upstream unit production cost is calculated as production cost divided by units of production. Production cost does not include ad valorem and severance taxes. Units of production are barrels for liquids and thousands of cubic feet for gas. Amounts disclosed are for bp subsidiaries only and do not include bp's share of equity-accounted entities. Working capital is movements in inventories and other current and non-current assets and liabilities as reported in the condensed group cash flow statement. Change in working capital adjusted for inventory holding gains/losses and fair value accounting effects is a non-GAAP measure. It is calculated by adjusting for inventory holding gains/losses reported in the period and from the second quarter onwards, it is also adjusted for fair value accounting effects reported within adjusting items for the period. This represents what would have been reported as movements in inventories and other current and non-current assets and liabilities, if the starting point in determining net cash provided by operating activities had been underlying replacement cost profit rather than profit for the period. The nearest equivalent measure on an IFRS basis for this is movements in inventories and other current and non-current assets and liabilities. bp utilizes various arrangements in order to manage its working capital including discounting of receivables and, in the supply and trading business, the active management of supplier payment terms, inventory and collateral. Trade marks Trade marks of the bp group appear throughout this announcement. They include: bp, Amoco, Aral, Castrol ON and Thorntons Top of page 44 Cautionary statement In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA') and the general doctrine of cautionary statements, bp is providing the following cautionary statement: The discussion in this results announcement contains certain forecasts, projections and forward-looking statements - that is, statements related to future, not past events and circumstances - with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements may generally, but not always, be identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. In particular, the following, among other statements, are all forward looking in nature: expectations regarding the COVID-19 pandemic, including its risks, impacts, consequences, duration, continued restrictions, challenges, bp's response, the impact on bp's financial performance (including cash flows and net debt), operations and credit losses, and the impact on the trading environment, oil and gas prices, and global GDP; expectations regarding the shape of the COVID-19 recovery and the pace of transition to a lower-carbon economy and energy system; plans, expectations and assumptions regarding oil and gas demand, supply or prices, the timing of production of reserves, or decision making by OPEC+; expectations regarding refining margins, refinery utilization rates and product demand; expectations regarding bp's future financial performance and cash flows; expectations regarding future upstream production and project ramp-up; expectations regarding supply shortages; expectations with respect to completion of transactions and the timing and amount of proceeds of agreed disposals; expectations with regards to bp's transformation to an IEC; plans and expectations regarding bp's financial framework; expectations regarding quarterly dividends and share buybacks, including bp's plan to increase the second quarter dividend by 4% per ordinary share, bp's expectation based on its current forecasts, at an oil price of around USD60 per barrel Brent and subject to the Board's approval each quarter of being able to deliver a buyback of around USD1.0 billion per quarter on average and have capacity for an annual increase in the dividend per ordinary share of around 4% through 2025, and plan to commence a buyback from first half surplus cash flow; expectations of executing a share buyback of USD1.4 billion prior to announcement of third quarter 2021 results; expectations of outlining plans for the fourth-quarter share buyback at the time of bp's third quarter results; plans and expectations of using 60% of surplus cash flow for share buybacks and plans to allocate the remaining 40% to strengthen bp's balance sheet for 2021; expectations regarding demand for bp's products; plans and expectations with respect to the total capital expenditure, depreciation, depletion and amortization, expected tax rate and business and corporate underlying annual charge for 2021; plans and expectations regarding net debt; plans and expectations regarding the divestment programme, including the amount and timing of proceeds in 2021, and plans and expectations in respect of reaching USD25 billion of proceeds by 2025 and expectations that divestment and other proceeds for 2021 will be in the USD5-6 billion range; plans and expectations regarding bp's renewable energy and alternative energy businesses; expectations regarding reported and underlying production and related major project ramp-up, capital investments, divestment and maintenance activity; expectations regarding price assumptions used in accounting estimates; expectations regarding the underlying effective tax rate for 2021; expectations regarding the timing and amount of future payments relating to the Gulf of Mexico oil spill; plans and expectations that capital expenditure, including inorganic capital expenditure, will reach around USD13 billion in 2021; plans and expectations regarding new joint ventures and other agreements, including partnerships and other collaborations with EnBW, Statkraft, Aker Offshore Wind, Equinor, Eni, Marks & Spencer, PAYBACK, Ki Mobility, Daimler, BMW, Qantas, Azerbaijan, Infosys, CEMEX and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping as well as plans and expectations regarding LSbp's acquisitions from Iberia Solar and RIC Energy and its activities in Australia, bp's blue hydrogen production facility, bp's Mad Dog 2 development in the Gulf of Mexico, the transfer by bp of its participating interests in six blocks located in Foz do Amazonas basin off northern Brazil, bp's exploration at the Puma West prospect, bp's announced agreement to take full ownership of the Thorntons business in the US with completion in the third quarter of 2021 and Air bp's rollout of sustainable aviation fuel; plans and expectations regarding bp's intention to bid with EnBW to develop offshore wind in the UK North Sea; plans and expectations regarding bp's plans to join Statkraft and Aker to develop offshore wind power in Norway and pursue a bid in the Sørlige Nordsjø II (SN2) licence area; plans and expectations for bp's work on EV charging, including the development of EV charging networks in the UK and Europe and bp's investment into IoTecha; plans and expectations regarding the listing of Lightning eMotors; plans and expectations regarding Launchpad portfolio companies; and expectations regarding operational and financial results or acquisitions or divestments by Rosneft, and expectations with respect to Rosneft dividends. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results may differ materially from those expressed in such statements, depending on a variety of factors, including: the extent and duration of the impact of current market

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2021 02:00 ET (06:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AKER ASA 0.98% 671 Real-time Quote.19.82%
AKER SOLUTIONS ASA 2.51% 17.8 Real-time Quote.8.21%
BMW AG 0.30% 81.59 Delayed Quote.12.96%
BP PLC 0.77% 320.2 Delayed Quote.25.67%
CEMEX LATAM HOLDINGS, S.A. -2.23% 3500 End-of-day quote.-24.44%
DAIMLER AG 1.73% 74.28 Delayed Quote.28.53%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.11.93%
EQUINOR ASA 0.05% 206.35 Real-time Quote.42.36%
EURO / BRAZILIAN REAL (EUR/BRL) 0.47% 6.2556 Delayed Quote.-1.87%
INFOSYS LIMITED 1.22% 1763.85 Delayed Quote.40.46%
LONDON BRENT OIL 0.94% 78.01 Delayed Quote.46.73%
PUMA SE -3.06% 98.98 Delayed Quote.7.26%
S&P GSCI NATURAL GAS INDEX 1.66% 243.4685 Delayed Quote.89.64%
WTI 0.93% 73.961 Delayed Quote.49.32%
All news about BP PLC
05:06pBP : Britain looking at temporary measures to alleviate trucker shortage
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05:13aTesco Says Two of 500 UK Petrol Stations Impacted By Drivers' Shortage
MT
02:36aBritain has 10 days to save Christmas, retail sector says
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12:01aBP : Brazil's record LNG imports draw U.S. supply away from gas-thirsty Europe
RE
09/23BP Confirms Fuel-Supply Issues at UK Service Stations
DJ
09/23BP to Limit Fuel Deliveries Amid UK Drivers Shortage -ITV
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09/23BP : Drivers' Shortage Forces BP To Prioritize Fuel Delivery To Branded Gas Stations
MT
09/23BP : INEOS Grangemouth moves forward on the next phase of its journey to reduce greenhouse..
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09/23BP : JP Morgan maintains a Buy rating
MD
09/23BP : Halts Work At Azerbaijan Platform For 25 Days Over Planned Maintenance
MT
More news
Analyst Recommendations on BP PLC
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Financials (USD)
Sales 2021 183 B - -
Net income 2021 13 044 M - -
Net Debt 2021 38 951 M - -
P/E ratio 2021 7,04x
Yield 2021 4,93%
Capitalization 87 645 M 87 645 M -
EV / Sales 2021 0,69x
EV / Sales 2022 0,65x
Nbr of Employees 63 600
Free-Float 93,9%
Chart BP PLC
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BP plc Technical Analysis Chart | BP. | GB0007980591 | MarketScreener
Technical analysis trends BP PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 4,38 $
Average target price 5,09 $
Spread / Average Target 16,3%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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