STUART JOYNER | INVESTEC
The figures are below forecasts, with disappointment in refining and marketing in particular. The dividend is in line, though it has been set this low for political rather than business reasons. The deal with Rosnef has a long-term future, though the dispute has potential to rumble on.
IVOR PETHER | ROYAL LONDON ASSET MANAGEMENT
The dividend could have been higher – the payout ratio is only around 25 per cent of earnings. There is also the question of why BP has only sold half of the US refinery business. It goes to the heart of what benefits come from the integrated business model.
RICHARD GRIFFITH | EVOLUTION SECURITIES
In many respects the BP plan looks remarkably similar in its effects to the Shell plan post its reserves downgrade in 2004: downstream is to shrink while upstream receives increased investment. With Macondo an ongoing issue it may be too early for BP to implement more radical plans.