City File: Modest expectations for BP
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE CITY still has very modest expectations for BP. Although the shares have recovered from the 180p low they reached last August, after the traumatic departure of Bob Horton, they are still well below the 350p level at which they were trading throughout 1991 and 1992.
Yet David Simon, the new chairman, has already reached this year's pounds 1.3bn target for disposals, and net profits could rise to pounds 900m this year and pounds 1.4bn the year after.
Bears still worry about a rights issue, despite denials, and point to BP's meagre presence in the fast-growing Pacific Rim. BP has always relied on big oil finds, and prospects in Colombia, Vietnam, the Gulf of Mexico, and west of the Shetlands are good enough. Hold.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments