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United Technologies Corp. Message Board

retiredbill 30 posts  |  Last Activity: Aug 4, 2014 10:40 PM Member since: Apr 13, 1998
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  • August 1, 2014
    The State of the Gulf
    BP Sets the Record Straight

    Google the following headers.................

    1] Statement On BP’s Request For Supreme Court Review Of Fifth Circuit Decisions

    2] Sympathy for the Devil
    Those Bogus Claims Against BP

    1] ** Consistent with its prior announcement, BP today filed a petition in the Supreme Court of the United States seeking review of decisions by the US Court of Appeals for the Fifth Circuit relating to compensation for claims with no apparent connection to the spill. BP believes the Fifth Circuit’s decisions in this case are contrary to precedent providing that class action settlements cannot include numerous claimants who suffered no injury caused by the defendant. The issues raised here are important to all companies, which depend on a fair and consistent application of the law when they choose to do business in the United States. If companies cannot have faith that class-action settlements will be enforced in accordance with these well-established principles of class-action law, then they will be more inclined to litigate than settle, resulting in years of court proceedings and delayed justice for real victims. For these reasons, BP has respectfully asked the US Supreme Court to review this matter. **

    2] ** Not surprisingly, on Friday afternoon, the day after I spoke to Dudley, BP made a filing to the Supreme Court, asking the court to rule on the Fifth Circuit’s decision. The question remains a simple one: Can you have a class-action lawsuit in which large numbers of the class members have never been harmed by the defendant? **

    Bill

  • July 30, 2014
    BP Can Withstand Impact of Sanctions on Russia

    Google the header.................Bottom line.......Minimal Impact!

    ** But if Rosneft`s dividends were cut off, for example due to Russia imposing its own sanctions, the reduction in BP’s funds from operations would be less than 5%, leading to a very minor impact on funds from operations-adjusted net leverage. **

    Bill

  • Reply to

    Considering the circumstances....

    by warnbeeb Jul 29, 2014 10:44 AM
    retiredbill retiredbill Jul 29, 2014 10:05 PM Flag

    Warnbeeb............from today`s Seeking Alfa Earnings Call Transcript -Q and A - Page Seven - BP's (BP) CEO, Bob Dudley on Q2 2014 Results..........If Rosneft were not able to pay BP its Pro Rata Dividend......No Impact to BP`s Liquidity as explained below! Of greater magnitude would be the Loss of BP`s Current Investment in Rosneft which it Carrys @ 15 Billion Book Value on it`s Balance Sheet! I don`t think that Putin is that stupid or stubborn, or is he?

    Jul. 29, 2014 4:14 PM ET

    Jessica Mitchell - Head of Global Investor Relations

    Right. Moving on to Fred Lucas at JPMorgan.
    Fred Lucas - JPMorgan

    Thanks Jess. Two questions, please. First of all, could you put a number to your upstream cash costs, dollars billion please? And secondly, can you put some color to the connectivity dependency of the BP PLC dividend to dividend receives from Rosneft? Here I’m thinking about what if more extreme sanctions were imposed or the situation with Yukos gets messy and dividends are blocked to BP. Would have that immediate dislocating effect on BP’s dividend, or is there a buffer to protect the PLC dividend?

    Brian Gilvary - Group Chief Financial Officer

    But I think just in the context of that question, the dividend for this year represents on an annualized basis around 2% of the operating cash flow we’ll generate, and therefore in terms of the liquidity of the company, it is de minimis in terms of anything further that may happen. So from a financial perspective, I think it’s more about the $15 billion that we hold on the balance sheet around that investment, and therefore the risks and uncertainties associated with that going forward is what those references towards if sanctions were to escalate to that position. But none of that we can see happening right now. Nothing has happened so far that would impact that, but in terms of liquidity and finances, it would be de minimis in terms of any impact if that were to happen, so it’s a very important question to raise.

    Bill

  • Reply to

    Considering the circumstances....

    by warnbeeb Jul 29, 2014 10:44 AM
    retiredbill retiredbill Jul 29, 2014 11:09 AM Flag

    Warmbeeb, Exactly my sentiment!

    All stocks have some inherent risk.
    Which would someone rather own, BP or Bank of America [BAC].
    Since buying BP, I have had three dividend increases.

    This will all blow over in due course.

    Best regards,
    Bill

  • July 29, 2014
    BP Reports Rise in Second-Quarter Profit

    Google the header..................From BP`s Website............Great and Solid Quarter!

    Release date: 29 July 2014

    BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit1 for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3.2 billion result for the first quarter of 2014.

    The company also announced a quarterly dividend of 9.75 cents per ordinary share, the same level as the previous quarter but 8.3% higher than a year earlier. As previously announced, BP’s board will review the level of the dividend with the first and third quarter results each year. [ BP today announced a quarterly dividend of 9.75 cents per ordinary share ($0.585 per ADS), which is expected to be paid on 19 September 2014. The corresponding amount in sterling will be announced on 9 September 2014. ]

    “This was another successful quarter, delivering both operational progress and [ robust cash flow]. We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency,” said Bob Dudley, BP group chief executive.

    “This operational momentum keeps us well on track to meet our 2014 targets and underpins our longer-term commitment to [ grow distributions ] to our shareholders.”

    In the second quarter, BP’s Upstream segment reported $4.7 billion underlying pre-tax replacement cost profit, compared with $4.3 billion a year earlier and $4.4 billion in the first quarter of 2014.

    Reported underlying net income from Rosneft for the quarter was $1.0 billion. BP received a dividend payment of approximately $700 million earlier in July.

    Congrats to Bob Dudley and Company!

    Bill

    Sentiment: Strong Buy

  • July 26, 2014
    BP and Shell: Are we on the cusp of the oil mega mergers?
    A slump in profits could reignite a flurry of deal-making that will see the oil giants snap up their smaller counterparts around the world

    A follow up to my July 7, 2014 post...see below............

    Google the header...........A solid link up with BP would be Exxon or Royal Dutch Shell.......read on...

    ** Ten years ago, Lord Browne, the then chief executive of BP, flew to Williamsburg, Virginia, for a board meeting, where he planned to outline detailed proposals for a mega-merger with Royal Dutch Shell.

    Political opposition may also be a problem. According to high level City sources, the primary reason that Exxon never went ahead with a rumoured bid for BP in the months after the Deepwater Horizon disaster was opposition from Washington to Exxon getting any bigger and exerting more influence over the oil industry. **

    As they say, Never say Never! Anything is possible! Just my opinion of course!

    Bill
    ____________________________________________________________

    retiredbill • Jul 7, 2014 11:04 PM Flag

    On Settlement of the CWA Fines - Believe it or not, Minimal Neligence or No Neligence at all [ wishful thinking at the time ] is within the realm of possibilities you could see BP @ $65.00 and on a take over, $80.00 is is a real possibility. I could see Royal Dutch Shell and BP going to the alter!
    Pure Speculation of course on my part. I wouldn`t underestimate Rosneft either. Rosneft has been very aggressive of late, as we all know. BP has a 19.75% interest in Rosneft....how convenient. Of course, I wouldn`t want Rosneft buying BP for various reasons. However, XOM and Rosneft could very well structure some kind of deal. Or Chevron [CVX] making an offer for BP. I could see that link up! Never say Never! Anything is possible!

    Just my opinion, of course!

    Bill

  • July 23, 2014
    Nine Sentenced for Filing Fraudulent BP Oil Spill Claims

    Google the header................

    ** PENSACOLA, FLORIDA – Pamela C. Marsh, U.S. Attorney for the Northern District of Florida, announced today that nine individuals have been sentenced in federal court in the past two months for filing false claims with the Gulf Coast Claims Facility (GCCF) related to the 2010 BP oil spill in the Gulf of Mexico.

    The cases resulted from investigations by the U.S. Secret Service and the Federal Bureau of Investigation and were prosecuted by Assistant U.S. Attorney Alicia Kim. **

    The article also appears on BP`s State of the Gulf Site...............BP Sets the Record Straight!

    Bill

  • July 21, 2014
    BP Claimant, Attorneys, Ordered to Return Settlement Cash

    Google the header........." Fraudsters and Plaintiffs` Lawyers Beware "

    ** A New Orleans law firm at the center of an investigation into misconduct surrounding the processing of payments from BP PLC’s Deepwater Horizon oil spill settlement must return $357,000 paid to a client based on allegedly fraudulent claims.

    U.S. District Judge Carl Barbier ordered that shrimper Casey Thonn return the payments within 30 days. Barbier also found that the AndryLerner firm, which received $35,700 in fees, and principals Jonathan Andry and Glen Lerner were responsible for the restitution.

    The judgment also applied to Lionel “Tiger” Sutton, an attorney who received fees for referring Thonn to AndryLerner, as well as Thonn’s accounting firm.

    “The court’s final judgment shows that the law is beginning to catch up with the fraudsters—and that the plaintiffs’ lawyers and other advisers who assist them will also not be permitted to benefit from that deceit,” BP spokesman Geoff Morrell wrote in an emailed statement. **

    Nothing other then a bunch of #$%$ buckets!

    Bill

  • July 16, 2014
    Feds Hit Hard Against Those Making False BP Claims, Maybe Too Hard

    Google the header............Another thug gets his due!

    ** Some of those who have been caught making false claims for damages in the BP oil spill are getting hit with tough criminal sentences **

    Bill

  • July 16, 2014
    Judge orders lawyers repay portion of client's fraudulent BP claim

    Google the header..............It`s about time!

    ** A federal judge has ruled the lawyers and accountants who represented a claimant at the center of an investigation into alleged fraud in the BP oil spill settlement are responsible for repaying nearly a quarter of the $357,000 payment he received.

    U.S. District Court Judge Carl Barbier in April ruled Casey C. Thonn and the lawyers who represented him in a shrimping claim repay the amount after an investigation revealed the payment was made based on phony tax returns.

    This is the first time the court has ordered a claimant repay a settlement claim. **

    Bill

  • June 15, 2014
    Fukushima’s Children are Dying

    Google the header...............
    Viki, if you want to spew about a real disaster, here is one for the record book!
    You literally should be ashamed of yourself with your constant Bull...Siht about the Gult Spill!

    ** Some 39 months after the multiple explosions at Fukushima, thyroid cancer rates among nearby children have skyrocketed to more than forty times (40x) normal.

    More than 48 percent of some 375,000 young people—nearly 200,000 kids—tested by the Fukushima Medical University near the smoldering reactors now suffer from pre-cancerous thyroid abnormalities, primarily nodules and cysts. The rate is accelerating.

    More than 120 childhood cancers have been indicated where just three would be expected, says Joseph Mangano, executive director of the Radiation and Public Health Project. **

    Now quit you constant juvenile bull..siht and grow up
    or better yet, go and find a job or serve those in need!
    Do something productive! Do something with your
    boring life!

    Bill

  • July 10, 2014
    New Report Highlights “Dead Zone’s” Impact on the Gulf

    Google the header..................Based on what I read, this is far worst then the Spill!

    The State of the Gulf
    BP Sets the Record Straight

    ** A lot’s been said in recent months about the state of individual species in the Gulf of Mexico four years after the Deepwater Horizon accident. But a new government forecast shows that the Gulf itself – and with it, a good chunk of its economy – is under siege from a phenomenon that long predates the accident.

    We’re referring to the dead zone, the area of low-oxygen water that forms every summer off the coast of Louisiana and Texas, killing fish and other marine life. This dead zone is created when phosphorus and nitrogen from fertilizer, animal waste, and wastewater are discharged into the Mississippi River and then flow into the Gulf.

    “The dead zone in the Gulf of Mexico affects nationally important commercial and recreational fisheries and threatens the region's economy,” the government’s press release said.

    The Gulf’s dead zone isn’t a new phenomenon. According to the Environmental Protection Agency, it “was first documented in 1972.” Its cause? “Excessive nutrient pollution, primarily from human activities such as agriculture and wastewater,” as the government puts it. **

    Bill

  • July 9, 2014
    10-year sentence for ex-New Orleans Mayor Nagin

    Google the header...........

    ** NEW ORLEANS — Former New Orleans Mayor Ray Nagin was sentenced Wednesday to 10 years in prison for bribery, money laundering and other corruption that spanned his two terms as mayor — including the chaotic years after Hurricane Katrina hit in 2005. **

    Bill

  • Reply to

    PRICE TARGET 80

    by monett4 Jul 3, 2014 11:00 AM
    retiredbill retiredbill Jul 8, 2014 1:56 AM Flag

    Hi Cuiosity, yes wishful thinking on my part.I stand corrected!...let`s go for negligent, but not grossly negligent!

    Best regards,
    Bill

  • Reply to

    PRICE TARGET 80

    by monett4 Jul 3, 2014 11:00 AM
    retiredbill retiredbill Jul 8, 2014 12:40 AM Flag

    Viki, you are losing creditability by the day......This info is right from BP`s Website for your information! Don`t you ever make use of the company`s website, or do you just blindly post your ridiculous material to get a cheap thrill?

    " We are a major US employer "

    " We directly employ more than 20,000 people in the US, making us the nation’s second largest oil and gas employer. Approximately 25% of our global workforce is employed in the US – more than in any other country in which we operate. BP supports more than 250,000 American jobs through all of our business activities. The multi-billion dollar modernization of our Whiting refinery has provided up to 10,000 full-time and contract jobs.

    You’ll find our people working in oil and gas fields, oil refineries and petrochemical plants, as well as in state-of-the-art laboratories, our corporate offices in Houston and on trading floors "

    Bill

  • Reply to

    PRICE TARGET 80

    by monett4 Jul 3, 2014 11:00 AM
    retiredbill retiredbill Jul 7, 2014 11:04 PM Flag

    On Settlement of the CWA Fines - Believe it or not, Minimal Neligence or No Neligence at all is within the realm of possibilities you could see BP @ $65.00 and on a take over, $80.00 is is a real possibility. I could see Royal Dutch Shell and BP going to the alter!
    Pure Speculation of course on my part. I wouldn`t underestimate Rosneft either. Rosneft has been very aggressive of late, as we all know. BP has a 19.75% interest in Rosneft....how convenient. Of course, I wouldn`t want Rosneft buying BP for various reasons. However, XOM and Rosneft could very well structure some kind of deal. Or Chevron [CVX] making an offer for BP. I could see that link up! Never say Never! Anything is possible!

    Just my opinion, of course!

    Bill

  • July 6, 2014
    Russia’s state oil champion Rosneft brims with ambition

    Google the header...............Interesting article on Rosneft........

    Note: Please honor and do not post any material from this article, as
    requested by the Publisher. Thanks!

    Bill

  • Reply to

    dividend announcement

    by jfredrogo Jul 6, 2014 8:00 PM
    retiredbill retiredbill Jul 6, 2014 10:01 PM Flag

    " aren't we overdue for the next dividend announcement? " NO.....read on...........

    From BP`s Website..............Financial Calendar..............

    Forthcoming events
    Previous events

    Date Type Event Add to calendar
    29 Jul 2014 Results Second Quarter results and dividend announcement

    Bill

  • July 2. 2014
    BP Upgraded to “Strong Buy” After CNOOC Deal

    Google the header.........Interesting article!

    ** Yet most investors continue to ignore (and undervalue) the company’s strategic assets. And that [ ignorance has proven costly - Viki should know ]– as shares have continued to reach new 52-week highs.

    In truth, things are going exceptionally well at BP, due in large part to the company’s brilliant timing…

    And BP is shaping up to be one of those companies that can profit from almost every segment of the LNG boom. In the end, it’s time to add this mega blue chip to your portfolio today. **

    Bill

    Sentiment: Strong Buy

  • June 27, 2014
    BP seeking to reclaim some payments to businesses

    ** Attorneys for BP asked a federal judge Friday to allow the British oil giant to demand repayment of potentially hundreds of millions of dollars already paid or committed to businesses from its multibillion-dollar oil-spill settlement fund.

    The company contends that a newly enacted policy, approved by the court in May, that uses a formula to match a business’ revenue with expenses in showing post-spill losses should be used to recalculate earlier claims.

    BP came away with a win earlier this year after Barbier agreed to a new policy for matching a business’ revenue with expenses.

    The new formula was designed, for example, to avoid overpaying a distributor who recorded inventory purchases as an expense in one month and then, months later, marked the sale of the items as generating revenue when the cash was received, which would create the impression of some months with large losses and other months with large profits.

    Now, BP spokesman Geoff Morrell said, the company wants “the return of excessive payments made by the settlement program as a result of what the courts have now determined was the program’s misinterpretation of the settlement agreement’s accounting requirements.” **

    Bill

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