;
Home / Knowledge / News / Textiles / BP again replaces oil & gas reserves by more than 100%
BP again replaces oil & gas reserves by more than 100%
06
Feb '08
BP p.l.c. announced an increase of 25 per cent in its quarterly dividend, taking it to a level 31 per cent higher than a year ago. Chief Executive Tony Hayward said the rise reflected the company's increasingly robust view of the future and greater confidence in its ability to deliver sustained dividend income to shareholders.

The move also marks a shift in the balance between dividends and buybacks as a means of returning value to shareholders. BP said the repurchase of its own stock over the past eight years had shrunk its equity base by some 16 per cent, making a higher dividend more affordable. Hayward said the company would continue to buy back its shares, as appropriate.

BP again replenished its oil and gas reserves by more than its annual production, the 14th consecutive year it has reported reserves replacement in excess of 100 per cent, excluding acquisitions and divestments, a track record described by Hayward as “among the very best in our industry”.

The company said it had also lifted its crude price assumption from $40 to some $60 a barrel for planning purposes but would continue to benchmark projects to be robust at lower prices.

BP reported replacement cost profits, excluding non-operating items, of some $4 billion for the final quarter of 2007, a fall of one per cent on the corresponding quarter of 2006, bringing results for the year as a whole to $17.6 billion.

“Although our fourth-quarter profits were very disappointing in refining and marketing in particular, we made good, step-by-step progress in bringing new oil and gas fields on stream and rebuilding refining capacity during the period,” Hayward said.

Click here to read more details:

Hayward said BP's upstream business had secured access to major new sources of oil and gas in Oman, Libya and Canada, underpinning confidence in future growth.

BP p.l.c.


Must ReadView All

Global yarn production up in Q2/18; fabric dips slightly

Textiles | On 10th Dec 2018

Global yarn production up in Q2/18; fabric dips slightly

Global yarn production increased by 5 per cent between Q1/18 and...

Courtesy: Intertextile shanghai hometextiles

Textiles | On 10th Dec 2018

Intertextile Shanghai Home expects 200 suppliers

Around 200 suppliers from China and other countries will display...

Courtesy: Rakez

Textiles | On 10th Dec 2018

Over 50 Indian firms eyeing operations in UAE's RAKEZ

Over 50 Indian firms are interested in expanding operations in Ras Al ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search