what will bring 2011 for the company
Bp was the heaviest faller by the whole of the blue chips on 1 February 2011 down 6.85p, or 1.4%, to 478p.
The Group has announced a record ?3.1bn loss for 2010, its first full year loss in nearly two decades. The loss exceeded analyst expectations by nearly 11%. Group reported it made a profit of ?2.9bn in the final quarter 2010 also verified it will keep up paying dividends to shareholders after the suspension in June. The quarterly dividend of 7c. per share will be paid in March 28 2011. even though that is half the volume paid in the same quarter before the Gulf of Mexico oil spill, it will come as good news to many pension holders as an estimated one/sixth of all pension pounds was invested in the company's stock. the company has estimated an overall cost for the Gulf of Mexico oil spill of ?25.4bn. Its Deepwater Horizon rig exploded last April, killing 11 people and dumping 4.9 million gallons of oil into the Mexican gulf. The ensuing damage to US coastlines, wildlife also the the group reputation triggered the resignation of its chief executive Tony Hayward plus a huge drop in the the group share price.
The Group new chief executive Bob Dudley told Sky News: that 2010 was a tough year for Bp and a very exhausting year.. The Group made changes in its organisation around how they manage risk, take the lessons learned in the Gulf of Mexico spill.
The Group announced that the rest of Bp's operations worldwide did very well: they have effectively provided the cash for the company as well as a sizable divestment programme that they think allows them to enter 2011 as a year of consolidation.
The Group saw profit from exploration plus production rise 25% in the year to ?19.2bn.
It announced plans to sell two US refineries, including the Texas City facility where 15 workers died in an explosion in 2005, and focus more on oil plus gas production.
even though the market was pleased with The company's recent ?10bn deal with Russian giant "Rosneft", the company faces a legal dispute with its existing Russian partners. TNK The company is seeking an injunction in the courts to block the planned Arctic exploration joint venture.
In its upstream business The group Group will be focused on delivering value rather than volume. that will be achieved by actively managing own portfolio, investing in new access plus in new exploration, plus building its presence in key oil plus gas basins by making the free of error investment choices. this will be supported by helpful in addition to sustainable relationships with partners including national oil companies.
The Group also intends to focus its business worldwide all over integrated positions and the higher performance which can deliver growth plus attractive returns. The sale of the two US refineries will make The group the smaller refiner among its competition, with a portfolio focussed on fewer but larger in addition to higher quality refineries in the related marketing networks. Outside the US, Bp will keep on to upgrade its fuels value chain businesses and explore potential new investment opportunities in a high growth markets such as Asia and Russia.
P.S. 2011 will be the year of recovery also consolidation for the company as the company implement the changes they have identified to reduce operational risk also meet its commitments arising from the spill. But it will also be a year in which they will have the opportunity to reset the company, adjusting the shape of its business, in addition to focus on growing value for shareholders.
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