2010-8

摘要

"What Will Happen to BP Now?: Looking At The British Giant’s Future In The Aftermath Of GOM Disaster

Summary

There were speculations that BP would be taken over by some leading oil and gas players like PetroChina or Exxon Mobil. However, the company has a strong background and aims to fight the situation and make it through the crisis intact. BP is facing significant setbacks in its efforts to come out of the oil spill disaster in the Gulf of Mexico effectively. However, BP is undertaking significant measures which are showing results. The oil spillage has finally been stopped and recovery wells are under continuous development to avoid any future situation in the spill area. The costs to respond to the oil spill are high but BP is undertaking various strategies to strengthen its financial position and repay all the costs associated with the oil spill. The capex for 2010 and 2011 has been reduced by $2 billion, the dividends have been scrapped to save around $8 billion and the debt levels are aimed at $10-15 billion to have a sound balance sheet position. BP has sold $7 billion of assets to Apache and plans more than $20 billion of asset sales in the next 18 months by 2011. The company’s strong operating cash flow position in the past and the revenues from its refining and marketing business are also BP’s strengths in being able to handle the crisis. The unsuccessful speculations about BP’s takeover have turned down analysts and media skepticism about BP’s position in handling the crisis. In spite of a fall of about 35% in share prices, BP is aggressively handling the situation. As a result, BP may emerge from the crisis but the company will be a different company altogether.

Scope

- Analyses the impact of the GOM Oil Spill on BP as an oil and gas player
- Analyses the financial implications of the oil spill on BP
- Comments on the impact of the oil spill on BP as a leading oil and gas player 
- Highlights the strategies undertaken by BP to emerge from the oil spill crisis
- Analyses how it is difficult for BP to emerge from the crisis but how the company will sail through it in the near future.
- Analyses the impact of the oil spill on BP's asset position and its overall position in the oil and gas industry after the oil spill crisis.

Reasons to buy

- Understand the impact of oil spill on BP as a significant oil and gas company
- Understand the repercussions of the oil spill on increasing costs related incurred by BP
- Gain understanding of the strategies adopted by BP to emerge from the crisis position
- Gain understanding of how BP will face difficulties but will emerge finally."

目录及图表

"1 Table of Contents 1
1.1 List of Tables 1
1.2 List of Figures 1
2 Summary 2
3 What Will Happen to BP Now?: Looking At The British Giant’s Future In The Aftermath Of GOM Disaster 2
3.1 The British Giant Continues To Grapple Not Only With The Mounting Losses Due To GOM Disaster, But Also The Liabilities That Arise As A Result 2
3.2 What Started as a Deepwater Explosion, has Emerged as One of the Largest Oil-Spills in History…and now BP’s Nightmare 3
3.3 The Company has now Started to Counter the Crises on Different Fronts…as it Prepares for the Difficult Times Ahead 4
3.4 BP Plans to Sell-Off Some of its Non-Core Assets to Generate Funds for Accruing Liabilities 5
3.4.1 BP has Announced it is Selling Its Pakistan and Vietnam Assets to Generate Funds for the Oil Spill 6
3.4.2 BP Intends to Sell Its Colombian Assets to Ecopetrol and Talisman Energy 6
3.4.3 BP is also Selling Its Refining and Marketing Assets 7
3.5 …while on the Cost Side, the Company Aims to Reduce its Capex and Other Expenditures, to Pay for the Liabilities and Other Costs 8
3.6 In its Strategy to Manage the Crises and, BP Might Witness Fundamental Changes in its Operations and Financial Position 8
3.7 Though doubts remain on BP’s Future and its Ability to Recover from the Worst Exploration Disaster…the British Giant has Ever Seen 10
3.8 …however, Emerging from the Crisis…Though Difficult, is Still Not Impossible for BP 10
3.9 The Company will however be Quite Different from the BP as we knew before the Crisis 11
4 Appendix 12
4.1 Methodology 12
4.1.1 Coverage 12
4.1.2 Secondary Research 13
4.1.3 Primary Research 13
4.1.4 Expert Panel Validation 13
4.2 Contact Us 13
4.3 Disclaimer 13"
"1.1 List of Tables
Table 1:  BP, Divestment Details 7"
"1.2 List of Figures
Figure 1:    Oil Spill Costs, Gulf of Mexico,  May 28- July 30, 2010 2
Figure 2:   Gulf of Mexico Oil Spill, 2010 3
Figure 3:   Oil Impact Assessment, Deepwater Horizon, 2010 3
Figure 4: Oil Spill Rate, Gulf Of Mexico, April-July, 2010 3
Figure 5: BP, Dividends, 2005-09 4
Figure 6: BP’s Assets Divestments to Apache, 2010 5
Figure 7:    Badin Block, BP’s Significant Asset in Pakistan, 2010 6
Figure 8:    Nam Con Son Pipeline Project, location map, 2010 6
Figure 9: BP, Capital Expenditures, 2008-2010 8
Figure 10: BP, Asset Location, 2010 8
Figure 11:  BP, Asset Location, Post the Gulf of Mexico Oil Spill Crisis, 2010 9
Figure12:   BP, Up-case, Mid-case and Down-case Scenario, 2010 10
Figure13:    Share Prices of Significant Oil & Gas Players, April 20- August 05, 2010 10
Figure14:   BP, Subsidiaries and Equity Accounted Entities, Net Cash Flow, 2008-09 11
Figure15:  Kirby Oil Sands, Acreage Position, 2010 11
Figure16:   Change in the Market Capitalization of Significant Players, 2010 12
Figure17:   Reserves Position of Significant Oil and Gas Players, 2010 12"