From the UK Guardian.. "BP in focus after ConocoPhillips break-up, but FTSE falls on Euro and US woes
A day after it announced a £3bn project to redevelop fields in the north sea, BP was in focus again as rival ConocoPhillips unveiled plans to split in two.
The US group is planning to spin off its exploration and production business - the upstream side - from its refining and distribution operations, the first of the integrated oil majors to propose such a move.
Many analysts, such as the oil team at Nomura, have suggested for some time that the industry giants, including BP, should consider the idea of separating upstream and downstream, with a view to unlocking extra value for shareholders. In a recent note Investec went further, proposing BP should look at dividing into a US business, a UK listed exploration division and a third company focused on emerging markets. The broker said the company's shares could be worth up to 750p in such a break-up.
In the market BP added 1.45p to 457.95p, helped by news that the Buzzard field in the north sea - which uses the company's Forties pipeline - would return to full output in August after repair work."