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WHAT DO BP'S RESULTS INDICATE FOR THE REST OF THE OIL MAJORS?

<strong>GORDON GRAY </strong>COLLINS STEWART<br />&ldquo;While second quarter results showed further evidence of the considerable progress BP has made in its operational recovery, we feel this is largely discounted in valuations, with the stock now back to within six per cent of its 12-month high in sterling terms.&rdquo;<br /><br /><strong>TONY SHEPARD </strong> CHARLES STANLEY<br />&ldquo;BP has some momentum in terms of new projects and cost reduction actions and the current oil price at about $70 per barrel is above BP&rsquo;s cash flow breakeven level of $60 per barrel. The sterling dividend yield is 6.5 per cent which looks more sustainable than it did six months ago.&rdquo;<br /><br /><strong>RICHARD J HUNTER </strong> HARGREAVES LANSDOWN STOCKBROKERS<br />&ldquo;BP has now thrown down the gauntlet to the rest of the oil supermajors, who will report their numbers over the next few days. Indeed, it may yet have regained its spot as the largest European oil power at the expense of Shell.&rdquo;