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    BP.   GB0007980591

BP PLC

(BP.)
  Report
Delayed Quote. Delayed London Stock Exchange - 09/17 11:39:31 am
304.65 GBX   -0.42%
09/17BP : New agreements to unlock low carbon opportunities in the UK and UAE
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PRESS RELEASE: BP p.l.c.: 2Q21 SEA Part 1 of 1 -3-

08/03/2021 | 02:01am EDT

from oil production & operations to be higher. - If COVID restrictions continue to ease, we expect higher product demand across our customer business in the third quarter. Realized refining margins are expected to improve slightly supported by stronger demand and wider North American heavy crude oil differentials. In Castrol, industry base oil and additive supply shortages are expected to continue. 2021 Guidance In addition to the guidance on page 2: - We continue to expect divestment and other proceeds for the year to reach USD5-6 billion during the latter stages of 2021. As a result of the first half year divestments, our target of USD25 billion of divestment and other proceeds between the second half of 2020 and 2025 is now underpinned by agreed or completed transactions of around USD14.9 billion with over USD10 billion of proceeds received. - bp continues to expect capital expenditure*, including inorganic capital expenditure*, of around USD13 billion in 2021. - Depreciation, depletion and amortization is expected to be at a similar level to 2020 (USD14.9 billion). - Gulf of Mexico oil spill payments for the year are expected to be around USD1.5 billion pre-tax. - The other businesses & corporate underlying annual charge is expected to be in the range of USD1.2-1.4 billion for 2021. The quarterly charges may vary from quarter to quarter. - The underlying ETR* for 2021 is now expected to be around 35% but is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the group's profits and losses. - For full year 2021 we expect reported upstream production to be lower than 2020 due to the impact of the ongoing divestment programme. However, underlying production* should be slightly higher than 2020 with the ramp-up of major projects, primarily in gas regions, partly offset by the impacts of reduced capital investment and decline in lower-margin gas assets. COVID-19 Update - bp's future financial performance, including cash flows and net debt, will be impacted by the extent and duration of the current market conditions and the effectiveness of the actions that it and others take, including its financial interventions. It is difficult to predict when all current supply and demand imbalances will be resolved and what the ultimate impact of COVID-19 will be. - bp continues to take steps to protect and support its staff through the pandemic. Precautions in operations and offices together with enhanced support and guidance to staff continue with a focus on safety, health and hygiene, homeworking and mental health. Decisions on working practices and return to office based working are being taken with caution and in compliance with local and national guidelines and regulations.

The commentary above contains forward-looking statements and should be read in conjunction with the cautionary 
statement on page 44. Top of page 6 gas & low carbon energy Financial results *      The replacement cost profit before interest and tax for the second quarter and half year was USD927 million and USD4,357 million respectively, compared with a loss of USD7,752 million and USD6,682 million for the same periods in 2020. The second quarter and half year included a net adjusting charge of USD313 million and gain of USD847 million respectively, compared with a net adjusting charge of USD6,938 million and USD6,715 million for the same periods in 2020. *      After excluding adjusting items*, the underlying replacement cost profit before interest and tax* for the second quarter and half year was USD1,240 million and USD3,510 million respectively, compared with a loss of USD814 million and a profit of  USD33 million for the same periods in 2020. *      The underlying replacement cost profit for the second quarter, compared with the same period in 2020, reflects significantly lower exploration write-offs, higher realizations, and significantly stronger gas marketing and trading performance, offset by a higher depreciation, depletion and amortization charge as a result of major project ramp-ups in Egypt and India. For the half year, compared with the same period in 2020, the underlying replacement cost profit mainly reflects the exceptionally strong gas marketing and trading result in the first quarter, higher realizations, and significantly lower exploration write-offs. Operational update *      Reported production for the quarter was 875mboe/d, slightly higher compared to the same period in 2020 due to the partial divestment in Oman offset by growth in underlying production. Underlying production* was 3% higher, mainly due to major project ramp-ups, partially offset by base decline. *      Reported production for the half year was 892mboe/d, slightly higher compared to the same period in 2020. Underlying production* was flat, mainly due to major project ramp-ups, partially offset by base decline. *      Renewables pipeline* at the end of the quarter was 21GW (bp net). The renewables pipeline grew by 7GW (bp net) in the quarter and 10GW (bp net) in the half year, as a result of acquisition of a solar pipeline in the US, Lightsource bp's (LSbp) net pipeline growth, and our selection as preferred bidder for two major leases in the UK Offshore Wind Round 4 with our partner EnBW in the first quarter. Strategic progress gas *      On 6 July 2021 bp announced commencement of production from the East South flank of Shah Deniz 2. *      On 11 June, bp agreed to establish a joint venture with the Beijing Gas Group to supply downstream gas to northern China, expanding its role in the Chinese gas market. *      On 9 June, bp signed a long-term LNG sale and purchase agreement with Pavilion Energy Trading & Supply Pte. Ltd.for the supply of approximately 0.8 million tonnes of LNG per year to Singapore for 10 years from 2024. *      These events build on the progress announced in our first-quarter results, which comprised the following: bp announced completion of bp's sale of a 20% interest in Oman Block 61 (bp operator 40%, OQ 30%, PTTEP 20%, Petronas 10%); bp announced gas production from the Raven field in Egypt (bp operator 82.75%); bp and Reliance Industries Limited (RIL) announced the start of production from the Satellites Cluster gas field in India (bp 33.33%, RIL operator 66.67%); India Gas Solutions, a 50:50 joint venture between bp and RIL secured gas supply from block KG D6; bp received its first LNG cargo to directly supply gas to customers in China. low carbon energy *      Solar -  executing strategy and growing the pipeline ?     On 1 June, bp reached an agreement to purchase 9GW of solar development projects in the US and 1GW of safe harbour equipment from independent US solar developer 7X Energy for USD220 million. The acquisition closed on 7 July. ?     Lightsource bp continued its expansion in Europe in the second quarter in Portugal, where it entered a co-development partnership with local company INSUN for five utility scale solar projects; entered the Greek market through award of capacity in solar and wind auctions alongside local developer KieferTEK; added to their Spanish pipeline through an acquisition from Grupo Jorge's energy arm; and began commercial operations at its five-project Vendimia cluster in Zaragoza, Spain. *      Offshore wind - progressing strategy ?     On 19 July, bp and EnBW  submitted a bid in the ScotWind leasing round for offshore wind acreage in the UK North Sea that could support projects with 2.9GW generating capacity (1.45GW bp net). ?     On 14 June, bp agreed to join Statkraft and Aker Offshore Wind in a ?consortium bidding to develop offshore wind energy in Norway. The partnership - in which bp, Statkraft and Aker Offshore Wind will each hold a 33.3% ?share - will pursue a bid to develop offshore wind power in the Sørlige Nordsjø II (SN2) ?licence area. Top of page 7 gas & low carbon energy (continued) *      These events build on the progress announced in our first-quarter results, which included the following: bp and Equinor completed the formation of their strategic US offshore wind partnership to initially develop four projects in two existing leases located offshore New York and Massachusetts; bp and partner EnBW were announced as the preferred bidder for two highly advantaged 60-year leases in the UK's first offshore wind leasing round in a decade; bp announced that it is developing plans for the UK's largest blue hydrogen production facility, targeting 1GW of blue hydrogen production by 2030; and LSbp acquired from Iberia Solar a 845MW solar portfolio in Spain; LSbp acquired a 1.06GW portfolio from the global photovoltaic (PV) project developer RIC Energy, together they will develop 14 sites in Spain; on 9 March, LSbp announced it has agreed to provide 88 bp service stations in New South Wales, Australia with 100% solar power, starting in January 2023. 
                                                      Second   First     Second      First    First 
                                                      quarter  quarter   quarter     half     half 
USD million                                             2021     2021      2020        2021     2020 
Profit (loss) before interest and tax                 931      3,452     (7,741)     4,383    (6,680) 
Inventory holding (gains) losses*                     (4)      (22)      (11)        (26)     (2) 
RC profit (loss) before interest and tax              927      3,430     (7,752)     4,357    (6,682) 
Net (favourable) adverse impact of adjusting items    313      (1,160)   6,938       (847)    6,715 
Underlying RC profit (loss) before interest and tax   1,240    2,270     (814)       3,510    33 
Taxation on an underlying RC basis                    (244)    (535)     (111)       (779)    (372) 
Underlying RC profit (loss) before interest           996      1,735     (925)       2,731    (339) 
                                                 Second   First    Second     First    First 
                                                 quarter  quarter  quarter    half     half 
USD million                                        2021     2021     2020       2021     2020 

(MORE TO FOLLOW) Dow Jones Newswires

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

Stocks mentioned in the article
ChangeLast1st jan.
AKER ASA -1.70% 665.5 Real-time Quote.18.84%
AKER SOLUTIONS ASA -2.60% 17.63 Real-time Quote.7.17%
BP PLC -0.42% 304.65 Delayed Quote.19.56%
DJ INDUSTRIAL -0.48% 34584.88 Delayed Quote.13.54%
EQUINOR ASA -1.56% 201.7 Real-time Quote.39.15%
LONDON BRENT OIL -0.38% 75.3 Delayed Quote.46.23%
MSCI SINGAPORE (GDTR) 0.30% 6552.134 Real-time Quote.12.58%
RELIANCE INDUSTRIES LTD -1.55% 2390.55 Delayed Quote.20.41%
S&P GSCI CRUDE OIL INDEX -0.39% 393.6204 Delayed Quote.48.60%
UNITED PARCEL SERVICE INC -1.52% 190.03 Delayed Quote.12.84%
WTI -0.92% 71.894 Delayed Quote.50.62%
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Analyst Recommendations on BP PLC
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Financials (USD)
Sales 2021 183 B - -
Net income 2021 12 972 M - -
Net Debt 2021 39 024 M - -
P/E ratio 2021 6,81x
Yield 2021 5,16%
Capitalization 83 881 M 83 977 M -
EV / Sales 2021 0,67x
EV / Sales 2022 0,64x
Nbr of Employees 63 600
Free-Float 94,0%
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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 4,19 $
Average target price 5,08 $
Spread / Average Target 21,3%
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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