STUART JOYNER | INVESTEC
BP is still bumping along the bottom but as we expected, the divestment target has been increased to $45bn and the chief executive sees 50 per cent cashflow growth by 2014.. With Anadarko settling its spill bill a few weeks ago, we are seeing a more confident message from BP on shareholder returns.
JONATHAN JACKSON | KILLIK & CO
Overall, we remain positive on the shares. Recent newsflow has been more positive, and although there remains limited visibility over a number of issues, we believe this is more than discounted in the current valuation, both in price earnings terms (six times 2012 earnings) and relative to net asset value.
RICHARD GRIFFITH | EVOLUTION SECURITIES
Chief executive Bob Dudley, in his accompanying statement to the third quarter results, indicated that it is time for BP to start looking forward post Macondo. This renewed confidence is premised on the completion (almost) of a major maintenance programme across the group’s entire asset base.