BP is an integrated oil and gas group based in the United Kingdom. Co. is engaged in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and the manufacture and marketing of petrochemicals. Co. operates globally, with business activities in Europe, the U.S., Canada, Russia, South America, Australasia, Asia and parts of Africa. Co. operates in two business segments: Exploration and Production - including oil and natural gas exploration and development and production; and Refining and Marketing- activities include the refining, manufacturing, supply and trading, marketing and transportation of crude oil, petroleum and petrochemicals.
  • TickerBP.
  • ISINGB0007980591
  • ExchangeLondon Stock Exchange
  • SectorOil & Gas Producers
  • CountryUnited Kingdom
Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/30/2020

We are maintaining our Buy recommendation on the stock, factoring in a judicious Ingenico deal in services, a sector set to benefit from greater digitisation of transactions in the post-epidemic era and an attractive valuation for the new entity. We included Ingenico in our forecasts (from 2021) and the opportunities from Wirecard”s collapse in our valuation (target price = € 90 vs € 84). Cf. equity report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/06/2020

Recommandation Achat réitérée au regard du bien-fondé de l’acquisition d’Ingenico dans les services, d’un secteur devant bénéficier d’une digitalisation accrue des transactions post épidémie et d’une valorisation attractive pour le nouvel ensemble. Nous intégrons Ingenico dans nos prévisions (à partir de 2021) et les opportunités de la chute de Wirecard dans notre valorisation (objectif de cours = 90 € vs 84 €). Cf. étude publiée hier soir. - ...

Ahmed Ben Salem

BP : BP takes the market by surprise, sells all its petrochemical assets for $ 5bn

>A surprise disposal but which makes sense - BP announced the sale of its petrochemicals business to INEOS for $ 5bn. BP’s divestment of its petrochemicals arm was not expected and the assets had not been put up for sale. The sale was carried out on the basis of an average EV/EBITDA multiple for the last three years of 7.2x (EBIT of $ 550m in line with the group’s target announced on a field trip in 2017 and a DD&A of $ 150m). This seems a fair multiple and compares ...

Matthieu DRIOL

Analyse court terme - BP PLC : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 534,03 p.

Matthieu DRIOL

Short term view - BP PLC : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at 534.03 p.

Matthieu DRIOL

Analyse court terme - BP PLC : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Matthieu DRIOL

Short term view - BP PLC : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Matthieu DRIOL

Medium term view - BP PLC : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at 534.28 p.

Oil & Gas: OPEC, Market is Wrong...!

Hiccup. While OPEC members have gone through several hiccups the past 43-years, however, total oil production is up by 10.3% from 1974. Ex-Iraq, oil production is up only by 2% from 1974. OPEC market share currently stands at an estimated 36% in July vs. 43% in 2016 and 51% in 1974. OPEC historical low market share was 27.6% in 1985.

BP: 1 director sold

A director at BP sold 67,140 shares at 331p and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members along wi...

Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Ahmed Ben Salem

BP : BP takes the market by surprise, sells all its petrochemical assets for $ 5bn

>A surprise disposal but which makes sense - BP announced the sale of its petrochemicals business to INEOS for $ 5bn. BP’s divestment of its petrochemicals arm was not expected and the assets had not been put up for sale. The sale was carried out on the basis of an average EV/EBITDA multiple for the last three years of 7.2x (EBIT of $ 550m in line with the group’s target announced on a field trip in 2017 and a DD&A of $ 150m). This seems a fair multiple and compares ...

Ahmed Ben Salem

BP : BP surprend et cède tous ses actifs dans la pétrochimie pour 5 Md$

>Une cession surprise mais sensée - BP a annoncé la cession de son activité pétrochimique à INEOS pour 5 Md$. Le désengagement de BP de sa branche pétrochimique n’était pas attendu et ses actifs n’étaient pas mis sur le marché. La cession s’est faite sur la base d’un multiple de VE/EBITDA moyen sur les trois dernières années de 7.2x (un EBIT de 550 M$ en ligne avec l’objectif du groupe annoncé lors d’un field trip en 2017 et un DD&A de 150 M$). Ce multiple nous sembl...

Ahmed Ben Salem

ODDO : Rapport AIE – Une note d’optimisme malgré les incertitudes

>Une baisse de la demande moins forte qu’initialement prévu - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +500 kb/j. Elle estime désormais que la demande baissera en 2020 de -8.1 Mb/j vs -8.6 Mb/j prévus en mai et -9.3 Mb/j prévu en avril. Cette baisse reste, néanmoins, un record historique. Le S1 a été lourdement impacté (-11.4 Mb/j) et en particulier le T2 (-17.8 Mb/j) avec -12.9 Mb/j en juin et -7.4 Mb/j en juillet puis une décéléra...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Tesco, German 5G Auction, Italgas and BP

Tesco 1Q19/20: growth slows against strong comparable. 2023 bond offers value

ING
Nadège Tillier

BP World Energy Statistics/2018 energy consumption up, carbon emissions as well

Following its 2019 Energy Outlook published in February, BP delivered its Statistical Review of World Energy today, providing statistics for full year 2018. Primary energy consumption grew again in 2018, driven by renewables and natural gas. The world also consumed more oil (+1.2% vs 2017) with the Asia Pacific region (+3%), notably Vietnam (+5.8%) and China (+5.1%), showing the biggest surge. A direct consequence of the higher energy demand, worldwide carbon emissions also went up (+2%), despite the Paris Agreement and an overall higher awareness of climate issues.

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/30/2020

We are maintaining our Buy recommendation on the stock, factoring in a judicious Ingenico deal in services, a sector set to benefit from greater digitisation of transactions in the post-epidemic era and an attractive valuation for the new entity. We included Ingenico in our forecasts (from 2021) and the opportunities from Wirecard”s collapse in our valuation (target price = € 90 vs € 84). Cf. equity report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/06/2020

Recommandation Achat réitérée au regard du bien-fondé de l’acquisition d’Ingenico dans les services, d’un secteur devant bénéficier d’une digitalisation accrue des transactions post épidémie et d’une valorisation attractive pour le nouvel ensemble. Nous intégrons Ingenico dans nos prévisions (à partir de 2021) et les opportunités de la chute de Wirecard dans notre valorisation (objectif de cours = 90 € vs 84 €). Cf. étude publiée hier soir. - ...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf. report published last evening. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf; report ppublished last evening. - ...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Increased risk weighs on BP PLC., penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of BP PLC. (GB), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date April 17, 2020, the closing price was GBp 303.55 and its target price was estimated at GBp 274.30.

Philip Morrish

Value Indicator - UK Basic Resources 30122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis fof the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Basic Resources 23122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

Expert Corporate Governance Service (ECGS)

BP – AGM 27 May 2020

Items 1 and 12:   In response to a global crisis, BP has dramatically reduced spending to back a 65% drop in oil prices in the first quarter 2020. BP slashed its 2020 budget by 25% to around $12bn and reduced output at its U.S shale operations. However, BP has not reduced its dividend which we consider unsustainable: the payout is excessive, the dividends often are not covered by EPS and/or FCF. This year, BP proposes a total dividend of $8.3bn, which will be financed by increased debt (+$2.6bn in 2019 with a further increase in 2020), divestments and budget reductions. Its competitors privi...

Expert Corporate Governance Service (ECGS)

BP - AGM 21 May 2019

Item 22:  To request that the Board report to shareholders on the strategy to be consistent with the goals of the Paris Agreement The proposal has been filed by Climate Action 100+ (CA100+) with support from the environmental law group Client Earth. Shareholders may wish to note that the coordinator of CA100+ is the Institutional Investors Group on Climate Change (IIGCC), which is the current name of the former “Aiming for A”coalition. At the 2015 AGM, a climate change resolution submitted by Aiming for A reached 98% support at BP.  CA100+ proposes that the Company include a description of t...

BP PLC – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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