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’Could Exxon bid for BP?
Yes, says Fred Lucas of JPMorgan, who notes that BP is trading on an implied reserve multiple that’s 30 per cent below its peers and equal to ExxonMobil’s long run finding and development costs:
Who also says investors should not overreact to news that BP could face penalties of $21bn-plus if found libale for damages over the Macondo oil spill.
Snap news
Breaking pre-market news on Monday,
- Bank of Ireland to seek €2.2bn from shareholders, capital markets, internal capital management initiatives — statement.
- Irish Life & Permanent says it needs to raise an additional €100m — statement.
Snap news
Breaking pre-market news on Monday,
- AXA and AMP join forces to make $13.1bn offer for AXA Asia Pacific Holdings — statement.
- BHP Billiton to complete $13bn buyback programme — statement.
- Persimmon says did not experience normal autumn increase in visitor levels — statement.
Hayward admits banks stopped lending to BP
A hat tip to our colleagues over at FT Energy Source for bringing this to our attention:
It’s a preview of the BBC’s Money Programme special on BP’s ‘$30bn blowout,’ which is set for broadcast later this Tuesday.
Snap news
Breaking pre-market news on Tuesday,
- BP returns to profit; to review dividend policy alongside FY results in early 2011 — statement and results.
- BG announces 2.7bn barrel upgrade for fields in the Santos basin and results — statement and statement.
Hal gets whacked
Last seen trading around $34 per share.
Like a goodfella who broke omerta, Halliburton shares are now plunging to the bottom of the river, weighted down by the company’s own version of cement cinderblocks:
Better Paid
Typical. You can clear out staff, send in a new chief executive and make a massive shift to safer operations — but in the end, floating the possibility that you’ll restore the dividend is what really moves you up in the market:
Bob’s Petroleum
The incoming boss of BP has been striking a confident tone in recent meetings with City analysts.
The message that Bob Dudley has been keen to convey is that BP is financially sound, the provisions made against the costs of dealing with the aftermath of the Macondo spill should cover the liabilities,
BP: not good enough for FTSE4Good
A slap on the wrist for BP on Friday, from index compiler FTSE:
(Reuters) – BP is to be evicted from the FTSE4Good ethical investment index due to its Gulf of Mexico oil spill, index compiler FTSE said on Friday,
It was the cement’s fault
BP has published its internal investigation report into the Deepwater Horizon rig disaster in the Gulf of Mexico on 20 April 2010.
The conclusion?
Largely, that it was the well cement’s fault, and thus Halliburton’s a little bit,
Making BP and big oil beautiful
Those of uncharitable disposition might sum up BP’s strategic response to the Gulf of Mexico disaster as follows: remove the Brit with the funny accent and install a Yank as CEO. (And, of course, flog off some assets to help pay for the spill).
Snap news
Breaking pre-market news on Friday:
- Roche launches group-wide business review to “adapt cost structures and accelerate productivity improvements” – statement.
- BP says Gulf of Mexico spill costs have reached $8bn – statement.
Better Possibilities
Or, Credit Suisse soothes the knife-catchers.
It’s safe to say that BP hasn’t exactly outperformed since its July Q2 results release, ouster of a failing chief executive, and progress on capping the Gulf well:
The price of oiler realpolitik
Here’s an AIM-listed enigma to ponder on Monday.
Life is looking rather good if you’re a London-listed oil mid-cap at the moment. Kind of less so if you’re out to buy one. Why?
As Oriel Securities’ Richard Rose noted on Monday,
Snap news
Breaking pre-market news on Friday,
- African Diamonds rejects unsolicited offer approach — statement.
- BP confirms to pay $50.6m fine over Texas City refinery — statement.
- Empyrean Energy investigating bulletin board false statements — statement.
Snap news
Breaking pre-market news on Monday,
- AstraZeneca strikes $198m deal on Seroquel liability claims — statement.
- BP says relief well will intercept Macondo well on August 15 — statement.
- Gulf Keystone Petroleum finishes reorganising Kurdistan interests — statement.
Snap news
Breaking pre-market news on Friday,
- RBS posts pre-tax profit of £1.1bn in first half — statement.
- Old Mutual sells US Life operations for $350m; profit up 43 per cent — statement and statement.
Snap news
Breaking pre-market news on Wednesday,
- Lloyds posts £1.6bn profit in first half, impairments at £6.55bn – statement.
- RBS sells UK branches to Santander for £1.65bn — statement and statement.
Beware Possibilities (updated)
You’d think, having ditched a chief executive and posted a record loss — and planned $30bn worth of asset sales — a company’s stock couldn’t possibly be as equipoised as BP’s was on Tuesday:
Then again,
Snap news
Breaking pre-market news on Tuesday,
- BP reveals $17bn loss; $32.2bn pre-tax charge — statement and statement.
- Dudley takes BP helm; Hayward nominated for TNK-BP post — statement.
- Tomkins valued at £2.89bn in Pinafore acquisition — statement.
Snap news
Breaking pre-market news on Monday,
- Connaught breaks bank covenants, identifies urgent need for cash – statement.
- Pearson upgrades full-year outlook – statement.
- Tullow Oil makes excellent quality discovery offshore Ghana – statement.
Snap news
Breaking pre-market news on Friday,
- Vodafone reiterates full-year outlook – statement.
- BP says relief wells suspended due to storm Bonnie – statement.
- De Beers says H1 profit surges, CEO to step down – Reuters.
Better Personnel
Some action on a certain Intrade contract after the Times reported that BP’s chief executive Tony Hayward will be capped by autumn:
Though BP has ‘confirmed’ to Sky News that he’s staying. So that’s all right then.
Danger! Methane-powered falling knife
BP’s share price in London early on Monday, after official concerns that methane (which would indicate oil) is leaking from the seabed near the Macondo well:
Volatile stuff, methane.
Snap news
Breaking pre-market news on Monday,
– International Power and GDF Suez Energy International confirm talks on reverse takeover – statement and statements.
– Tomkins receives 325p a share offer from Onex Corporation and Canada Pension Plan Investment Board;
Snap news
Breaking pre-market news on Friday,
- Macondo well integrity test could last 48 hours, BP says — statement.
- National Lottery Commission to reject Camelot’s plan to offer ancillary activities — statement.
The Macondo ‘Costometer’
Introducing the Macondo ‘Costometer’ from Citigroup.
Unfortunately you can’t manipulate the data, but it could be used as the basis for a spreadsheet.
Have fun!
Notes
Citi reckons the clear
Snap news
Breaking pre-market news on Tuesday,
- BP installs new spill cap, warns success “cannot be assured” — statement.
- Frank Timis’ African Minerals gets $1.5bn strategic Chinese investment – statement.