Yes, it sounds like a bold statement, but 2Q is finished and the score card will be fantastic. Costs are way down below earlier forecasts and production above industry estimates. Additionally, BP is being intellegint about its street deals and very well prepared to hold its dividends. The street is smelling a good deal and BP should be selling at 4-5% dividend yield, i.e., a $50/sh stock. Granted, it will take some time given its Macondo hang over, but $40/sh is a sure thing for a company that is delivering top notch performance.
Since the dollar is strenghtning against all major currencies, BP will benefit somewhat. Note that other oil Companies are also global. BP's large UK work force should benefits at a slightly higher proportion.
BP should be heading towards $34/sh, as we will learn the Fed April's meeting notes to indicate lower for longer and oil prices breaking the $50/b mark by next week. The phycological point will boost IOCs shares and BP is clearly undervalued. As we look into 2H/16 with oil stabilizing in the $55-$65/b, BP has the potential to reach $38-$42/s. At this levels, the companies dividends are saved and new large investments will likely be announced. New areas of explorations are also likely to emerge such as Mexico, Iran and new assets acquisitions at distressed prices in West Africa. I see 2016, as a key turning point of the firm.