February 7, 2017 / 8:05 AM / 6 months ago

BRIEF-BP says divestment proceeds for 2017 are expected to be $4.5-5.5 billion

Feb 7 (Reuters) - Bp Plc

* We have adapted by cutting our controllable cash costs by $7 billion from 2014 - a full year earlier than planned - ceo

* Bp now anticipates balancing its organic sources and uses of cash by end of 2017 in a brent oil price environment of around $60 a barrel.

* Divestment proceeds for 2017 are expected to be $4.5-5.5 billion, reverting to $2-3 billion a year thereafter.

* Including estimated additional organic capital spending associated with portfolio additions, organic capital expenditure is now expected to be $16-17 billion in 2017

* Bp is moving towards completion of process for resolving business economic loss (bel) claims arising from 2010 oil spill

* Amounts to resolve remaining claims are expected to be substantially paid in 2017

* In 2017 cash payments related to spill are expected to be lower than in 2016, around $4.5-5.5 billion, around $2 billion in 2018 and little over $1 billion a year from 2019

* Pre-Tax charge of $625 million was taken in quarter to reflect latest estimate for claims, including bel claims, and associated costs

* Together with non-cash impact of ongoing unwind of discounting effects on provision and other costs, a total pre-tax charge of $800 million was taken in q4

* Total cumulative charge for incident is now $62.6 billion on a pre-tax basis, $44.1 billion after tax. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below