BP Delivers on Promises in “Very Good” 2009 as 4Q Profits Jump 70 per cent
However, the morons in London, and premarket here in the USA are selling it off, down about 5%.
Bizarre why they would sell off on a good report with increasing profits.
From your link:
"London. BP today reported a sharp year-on-year increase in fourth quarter profits as it announced that its oil and gas production increased by more than four per cent in 2009 and the company continued its industry-leading 17-year run of increasing reserves.
The increase in production was well ahead of the company’s expected long-term average growth rate of 1-2 per cent and reflected the ramp-up and start-up of major new projects, including the first full year of production from the Thunder Horse field in the US Gulf of Mexico. BP’s reserve replacement ratio for the year was 129 per cent – making 2009 the seventeenth consecutive year of reserve replacement of at least 100 per cent."
I wouldn’t be troubled too much by the London and NY exchanges marking down BP. Considering the mess they have caused on the financial markets we can ask with amusement just exactly what do they know. These are good results from BP. All of the negatives we hear from the market have obscured the fact that they have now overtaken SHELL. Things are improving at BP. Under the new management we are seeing the benefits of change. But this good news is not the real good news. The real good news is the bad news in that the changes have yet to percolate down to the operating facilities fully. The ordinary Joe on a facility who gets called out to fix things in the early hours of the morning still doesn’t feel as though this is his company. There are still too many people out there who never spend more than a year on a job before moving to their next. But this is all changing, albeit slowly. So with the potential for improvements still to be made this is now becoming a solid company. Not an XOM where everyone wants to be the best at what they do, but an improving company with the promise of solid results over the next few years.
so when numbers are good...and things look bleak....and no one wants it is time to buy...joe terranova..and all the fast money guys love this stck for the dividend. and the growth...they are in all kinds of energy ..solar...etc...so cheap with a big divi...so take a chance...