BP @ 453.45p, -3.7p (-0.8%).
So BP had a day in the sun yesterday which is a nice change for the company.
The company's Q3 update seems to have been well received triggered by a strategy update from Bob Dudley, the CEO.
Strange that the urgent need for liquid funds to cover costs and liabilities after the Macondo well tragedy which led to the company's divestment program has possibly been the most positive strategic activity since the tragedy. To the point where they have now announced an extension to that program in the Q3 update.
The key is still to maximise the selling price of slow growth assets in order to raise funds to invest in higher growth assets. But if it was that easy.....
Anyway, along with news that the asset sale program will now increase to $45bn from $30bn, Bob Dudley also declared that these results mark a "clear turning point for the company" as cashflow, freed from the shackles of exceptional costs related to Macondo, and profits finally started to look positive again with $5.14bn (or £3.2bn) recorded for the quarter.
Net debt also fell slightly to $25.8bn from $26.4bn.
Dudley also predicted a doubling of BP's group profit margin over the next 5 years!
The shares closed at 457p (+4.3%).
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