Well the market hasn't taken that too well has it. As expected BP resumed paying its dividend but apparently surprised the market with news that it plans to sell half of its US refining business.
Must be that news thats pushing the shares down and not Egypt's situation as BG is up.
Apparently, BP (and partners) produce more than 40% of Egypt's oil output and BG approx 35% of all gas.
Could still be an effect I guess, as the oil price is booming over concerns about transporting oil through the Suez, and the market for natural gas is depressed.
But, there is also the TNK-BP issues where their Russian partners have blocked the dividend but surely that just means that profits are being retained within the joint venture?
Anyway, not quite off the day I was looking for with BP's results but there must be good news in the results somewhere?
At 9:25am:
BP @ 477.3, -7.55 (-1.55%) ex dividend date is 9th Feb
BG Group @ 1415p, +15 (+1%)
But finishes up!
More questions that answers though. Some analysts questioning whether or not BP can return to being the dividend payer it has been following the divestment program. In addition, many were disappointed with the underlying performance and elsewhere, BP's Russian partners in TNK-BP have successfully raised an injunction in a London court that prevents the share swap until the 25th Feb.
BP @ 492p, +6.15 (+1.27%).
Must be that news thats pushing the shares down and not Egypt's situation as BG is up.
Apparently, BP (and partners) produce more than 40% of Egypt's oil output and BG approx 35% of all gas.
Could still be an effect I guess, as the oil price is booming over concerns about transporting oil through the Suez, and the market for natural gas is depressed.
But, there is also the TNK-BP issues where their Russian partners have blocked the dividend but surely that just means that profits are being retained within the joint venture?
Anyway, not quite off the day I was looking for with BP's results but there must be good news in the results somewhere?
At 9:25am:
BP @ 477.3, -7.55 (-1.55%) ex dividend date is 9th Feb
BG Group @ 1415p, +15 (+1%)
But finishes up!
More questions that answers though. Some analysts questioning whether or not BP can return to being the dividend payer it has been following the divestment program. In addition, many were disappointed with the underlying performance and elsewhere, BP's Russian partners in TNK-BP have successfully raised an injunction in a London court that prevents the share swap until the 25th Feb.
BP @ 492p, +6.15 (+1.27%).
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→BP starts the day down on Final results (but finishes up!)
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