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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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BP : Moody's upgrades BP for first time in 19 years

06/08/2017 | 12:34pm EST
FILE PHOTO: A BP logo is seen at a petrol station in London

LONDON (Reuters) - Moody's upgraded BP's credit rating for the first time in 19 years on Thursday, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion (£15.4 billion) settlement of the deadly 2010 Gulf of Mexico spill.

The rating agency bumped BP up one notch to A1 and said the London-based company's outlook was positive. Moody's last upgraded BP's long-term issuer rating in 1998, a spokesman said.

"Our decision to upgrade BP to A1 factors in the increased clarity around the size and timing of remaining cash payments linked to the Deep Water Horizon incident, as well as expected improvements to BP's credit metrics and its strong operating performance despite high oil price volatility," said Elena Nadtotchi, vice president and senior credit officer at Moody's.

The settlement of the Deepwater Horizon fines and clean up costs in 2015 brought BP's pretax bill to more than $62 billion. The company will pay the charge gradually into the 2030s.

BP, like other oil companies, slashed spending and costs in the wake of a sharp drop in oil prices from mid-2014. It is aiming to be able to general cashflow at oil prices of $35-$40 a barrel by the end of the decade.

"BP demonstrated strong operating performance amid high volatility in oil prices," according to Moody's.

It is set to see a sharp rise in production in the coming years as it starts up eight projects this year, including in Oman and Azerbaijan, the largest number in the company's history in a single year.

The company hopes to add 800,000 barrels per day of new production by the end of the decade.

"The positive outlook recognises that BP's strong business profile may sustain a higher rating and anticipates that the company will continue to deliver strong operating performance in 2017-19, supported by growth and improving profitability of the upstream, and rising contribution from the downstream," Moody's said.

Of 29 analysts surveyed by Reuters, 14 have 'buy' or 'strong buy' recommendations on BP, and 14 a 'hold' recommendation.

BP's debt at the end of March was $28.6 billion, which represents 28 percent of the company's equity capital, also known as gearing.

(Reporting by Ron Bousso; Editing by Mark Potter)

By Ron Bousso


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AIMING INC. -1.73% 454 End-of-day quote.8.61%
BP PLC 0.61% 282.35 Delayed Quote.10.81%
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Financials (USD)
Sales 2020 191 B - -
Net income 2020 -22 283 M - -
Net Debt 2020 45 474 M - -
P/E ratio 2020 -3,56x
Yield 2020 7,05%
Capitalization 78 414 M 78 374 M -
EV / Sales 2020 0,65x
EV / Sales 2021 0,54x
Nbr of Employees 67 600
Free-Float 93,5%
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Technical analysis trends BP PLC
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 4,49 $
Last Close Price 3,88 $
Spread / Highest target 71,4%
Spread / Average Target 15,6%
Spread / Lowest Target -35,3%
EPS Revisions
Managers and Directors
NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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NESTE OYJ2.06%56 224
PTT-5.88%38 088