Get Stock Quote Here BP plc (BP), also referred to by its former name, British Petroleum, is one of the world's seven "supermajor" oil and gas companies. It is aBritish multinational company, headquartered in London, England, whose performance in 2012 made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market capitalization and the company with the world's fifth-largest revenue (turnover).It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining,distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy interests in biofuels and wind power. As of 31 December 2015, BP has operations in more than 70 countries, produces around 3.3 million barrels per day (520,000 m3/d) of oil equivalent, and has total proved reserves of 17.18 billion barrels (2.731×109 m3) of oil equivalent. Its largest division is BP America in the United States. In Russia BP owns a 19.75% stake in Rosneft, the world's largest publicly traded oil and gas company by hydrocarbon reserves and production. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Frankfurt Stock Exchange and the New York Stock Exchange. BP's origins date back to the founding of the Anglo-Persian Oil Company in 1908, established as a subsidiary of Burmah Oil Company to exploit oil discoveries in Iran. In 1935, it became the Anglo-Iranian Oil Company and in 1954 British Petroleum. In 1959, the company expanded beyond the Middle East to Alaska and in 1965 it was the first company to strike oil in the North Sea. British Petroleum acquired majority control of Standard Oil of Ohio in 1978. Formerly majority state-owned, the British government privatised the company in stages between 1979 and 1987. British Petroleum merged with Amoco in 1998, becoming BP Amoco plc, and acquired ARCO and Burmah Castrolin 2000, becoming BP plc in 2001. From 2003 to 2013, BP was a partner in the TNK-BP joint venture in Russia. BP has been directly involved in several major environmental and safety incidents. Among them were the 2005 Texas City Refinery explosion, which caused the death of 15 workers and resulted in a record-setting OSHA fine; Britain's largest oil spill, the wreck of Torrey Canyon; and the 2006 Prudhoe Bay oil spill, the largest oil spill on Alaska's North Slope, which resulted in a US$25 million civil penalty, the largest per-barrel penalty at that time for an oil spill. The 2010 Deepwater Horizon oil spill, the largest accidental release of oil into marine waters in history, resulted in severe environmental, health and economic consequences, and serious legal and public relations repercussions for BP. 1.8 million gallons of Corexit oil dispersant were used in the cleanup response, becoming the largest application of such chemicals in US history. The company plead guilty to 11 counts of felony manslaughter, two misdemeanors, and one felony count of lying to Congress, and agreed to pay more than $4.5 billion in fines and penalties, the largest criminal resolution in US history. Legal proceedings are continuing, with proceedings set to commence in January 2015 to determine payouts and fines under the Clean Water Act and the Natural Resources Damage Assessment. In September 2014, the judge ruled in the first phase of the case that BP was "reckless" and committed "gross negligence," in a "worst case" ruling that could cost BP $18 billion in additional penalties above the $28 billion already expended on the spill by that time. BP is appealing the ruling, which raised concerns about BP's future. They settled in July 2015 in the amount of $19 billion plus the original amount.
BP directors' bonuses criticized amid oil slump LONDON -- A leading shareholder advisory group has criticized BP PLC's decision to award its top directors their maximum bonuses for 2015, despite the company's lackluster performance, and recommended shareholders vote against the payment plans. Last month, BP announced that Chief Executive Bob Dudley would receive a 20% bump in his total compensation package in 2015. Though much of this increase related to U.K. reporting requirements that inflated the rise in Mr. Dudley's pension, the oil executive's cash bonus increased to $1.4 million from $1 million in 2014. His total bonus for the year, including a portion paid in deferred BP shares, amounted to $4.2 million. That was the maximum amount he was eligible to receive for the year and was up from $3 million in 2014. Chief Financial Officer Brian Gilvary also received 100% of his possible bonus. The awards follow a year in which the company lost $5.2 billion as oil prices plummeted. Since the start of 2016 it has announced plans to cut 7,000 jobs and has slashed spending to help manage the slump. "We believe shareholders should question whether payouts were fully earned in respect of the past fiscal year relative to the company's performance," proxy advisory firm Glass Lewis said in a March report seen by The Wall Street Journal. BP's compensation committee awards executive bonuses based on the company's performance in a number of strategic areas, including its safety record and internal targets for operational cash flow and underlying profits. "BP executives performed strongly in a difficult environment in 2015, managing the things they could control and for which they were accountable," a BP spokesman said, adding that "safety and operational risk performance was excellent and BP responded quickly and decisively to the drop in oil price." This isn't the first time Glass Lewis has raised objections to BP's executive pay. Last year, it also recommended that shareholders reject Mr. Dudley's pay package, noting that his compensation outpaced that received by chief executives at similar-sized firms "despite the company's relative underperformance." The executive's compensation was ultimately approved by around 86% of investors. BP's shareholders will vote on the matter this year at the company's annual general meeting in London on April 16, along with a host of other issues. Glass Lewis has also raised concerns about the company's proposal to reduce its notice period for calling a general meeting, but supports most of the proposals, including the re-election of Mr. Dudley and his board.
Could be a good spot to try and play a bounce off the MA's... Not a ton of short-term upside, but a relatively safe bounce IMO.
Bounced perfectly off the 200MA (where it opened) today. I had a buy limit order set for $31.28, which filled at $30.78 at open. If anyone put their order in sometime before open today, you should be sitting on nearly 2% profit off the bounce.
BP to pay $175 million to settle claims it hid spill size BP Plc said it agreed to pay $175 million to settle claims by U.S. investors that its managers lied about the size of the 2010 Gulf of Mexico oil spill to prop up its stock price, removing the company’s last major overhang from the disaster. Read full article here: http://www.msn.com/en-us/money/comp...to-settle-claims-it-hid-spill-size/ar-BBtOb2q
Reported before open today (7/26/16) Earnings: EPS $0.23 Revenue $46.44B Estimates: EPS $0.28 Revenue $50.22B Down 0.89% today
Analyst Upgrade/Downgrade Update Brokerage firm: CLSA Change: Downgrade Previous Rating: Buy Current Rating: Outperform Previous Price Target: N/A Current Price Target: N/A
