February 2, 2010 07:24

BP swings to $4.3 billion profit

Posted In: News

LONDON (MarketWatch) — BP said it swung to a fourth-quarter of $4.3 billion, helped by rising oil prices, growing production and the highest availability of its refineries since 2004. Excluding the impact of inventory changes on unsold inventories and $937 million of non-operating items and fair value accounting effects, and it would have earned $4.38 billion, below a company-compiled consensus of $4.66 billion. Production rose to 4.05 million barrels of oil equivalent, up from 3.95 million barrels and slightly ahead of the 4.03 million consensus. 2010 production is expected to be slightly lower, reflecting the benefit in 2009 of the absence of a significant hurricane season, before growing again in 2011. The company indicated that it expected organic capital expenditure of around $20 billion — the same as in 2009 — and disposal proceeds of between $2 billion and $3 billion. While oil markets look well supported by OPEC, the company expects gas markets to remain volatile and refining margins to remain depressed for the foreseeable future.

LEGAL DISCLAIMER AND RISK WARNING

Foreign currency exchange trading is highly speculative and is suitable only for those who (a) understand and are willing to assume the risks involved, and (b) are financially able to assume significant economic losses. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Trading on margin can amplify both gains and losses in your account. Before deciding to trade foreign currencies, you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading and seek advice from an independent financial advisor if you have any doubts.

All contents or information displayed or contained on Piphut.com are based on a number of assumptions which may not be fully disclosed or explained. Hypothetical trading or performance has many inherent limitations, including the benefit of hindsight and the fact hypothetical trading or performance involves no economic risk. Variables such as the ability to adhere to a particular trading program despite trading losses and maintaining adequate liquidity are material considerations that can adversely affect actual trading results. No representation or warranty is being made or given that any account will or is likely to achieve profits or losses similar to those displayed on Piphut.com. There are frequently substantial differences between hypothetical performance and the actual performance subsequently achieved by a trading program. You must exercise independent judgment when making investment or trading decisions. Past performance is not indicative of future results. Please read the User Agreement and Risk Disclosure Statement for more information.