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BP Plc.

BP is one of the largest Global Integrated Oil & Gas companies, generating over $240 bn in 2017 sales, with operations across 70 countries. By revenue, it is the third largest of the six Integrated "Supermajors". BP is well geographically diversified both in terms of 1P reserves and production, which reached 18.4 bboe and 3.6 mboe/d respectively in 2017 (incl. BP's 19.75% share in Rosneft). Historically the Upstream segment has been the main contributor to the company's operating earnings. The division is involved in the Exploration and Production of both Oil and Gas (with a bias towards oil) across Conventional and Unconventional plays (onshore, tight oil & gas, offshore shallow and deep-water). Strategically, BP is focussed on "advantaged" O&G projects, characterised by large scale, short cycles and low development costs. The Downstream segment (i.e. Refining and Marketing) has historically been the second largest contributor to BP's Adj. EBIT and the company owns 1,892 kb/d of refining capacity (39% in the US, 46% Europe and 15% RoW). Downstream is divided into three business segments: (1) Fuel Value Chains, (2) Lubricants and (3) Petrochemicals. (04 Oct 2018)

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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  
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BP: New 5Y and 10Y USD Benchmark Bonds

IG Note: 01 Nov 2018, 10:13 AM ET - BP is in the USD market today with a long 5-year and 10-year benchmark offering. 
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BP 3Q18: Good Momentum, Staying O/P

Earnings Note: 30 Oct 2018, 10:09 PM ET - BP reported a robust set of 3Q18 results on higher liquid realisations, leading to an improvement in the British O&G major's free cash flow generation. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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BP: New 7Y and 10Y USD Benchmark Bonds

IG Note: 18 Sep 2018, 10:55 AM ET - BP is in the USD market today with a dual-tranche 7 year and 10 year benchmark offering. 

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 
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BP 1H18: Starting To Flex Its Muscles

Earnings Note: 31 Jul 2018, 10:22 PM ET - We assess BP's 2Q18 results in the context of a favourable oil price environment with falling GoM cash outlays, but a more aggressive stance towards capital allocation. 
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BP: Buying BHP’s US Assets For $10.5 bn

Worth Watching: 27 Jul 2018, 6:09 AM ET - BP (A1/A-) announced the purchase of US assets from BHP Billiton for $10.5 bn overnight. Rumours had been circling in the press in recent weeks, suggesting a deal was imminent for the portfolio of unconventional, shale oil and gas assets. The ..

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.
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BP : In the Market With 5Y USD Notes

Worth Watching: 09 May 2018, 6:04 AM ET - BP  (A1/A-): Following a healthy set of results (see: BP: Very Healthy 1Q18, But...) and President Trumps' decision to raise sanctions against Iran again (Oil & Gas Markets: Trump's Iran Sanctions), BP is coming to the market with a benchmark s ..
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BP: Very Healthy 1Q18, But...

Earnings Note: 01 May 2018, 10:38 PM ET - BP delivered a very strong set of 1Q18 results driven by its upstream segment but on the back of high seasonal working capital movements and 1H biased GoM fine payments FCF remained negative.

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.
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European Integrated Oil: FY17 Wrap & Recs. Update

Sector Analysis: 19 Apr 2018, 11:32 PM ET - In this sector piece we review the European Integrated O&G’s 2017 results, outlook and recommendation. More specifically we move Statoil to U/P from M/P, and BP to O/P from M/P.

Russia Sanctions: A Euro Credit Market Perspective

Strategy Analysis: 19 Apr 2018, 11:31 PM ET - We take a look at the impact of Russian sanction on euro credit markets and identify the companies with the most significant revenue exposure to the country.

Oil Markets: IEA Remains Cautious due to Shale

Sector Analysis: 14 Feb 2018, 3:56 AM ET - The IEA released an Oil Market Report highlighted by an increased demand forecast and continued fears for downside price risk given its supply demand forecast for 2018.

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