BP plc (BP) reported its third quarter 2009 results of $1.71 per ADS (American Depositary Share), beating the Zacks Consensus Estimate of $1.14 on the back of stronger cost controls and increased upstream volumes. However, in comparison with the year-earlier results, earnings fell approximately 34% on lower oil prices. BP’s strong performance sets the stage for earnings releases by ExxonMobil (XOM) and Chevron (CVX), which are scheduled to report their results on Thursday and Friday this week, respectively. BP expects its capex budget to be $20 billion for the year. The company’s attractive dividend (currently yielding around 6%) remains unchanged from the year-ago level. We believe that BP’s dividend is safe with the recent uptrend in oil prices. Net cash provided by operating activities for the quarter was $8.1 billion compared with $14.9 billion a year ago. Net debt at the end of ...

Sep. 15, 2009 (Business Wire) — Cobra Oil & Gas Company (OTCBB:CGCA) (hereafter “Cobra”) notifies that British Petroleum announced the discovery on September 2, 2009, of a giant oilfield in the US part of the Gulf of Mexico that shows new life for US domestic oil production.

The Tiber field, located about 250 miles south-east of Houston, is one of the largest discoveries of the past decade. It may hold some 3bn barrels of oil. The Tiber field was discovered by the deepest oil well ever drilled, reaching 28,000 ft below sea level.

The Tiber field discovery adds to the Kaskida field found in 2006 with similar potential reserves.

“The technologies being used to produce finds this size and at this depth show the progress being made by commercial means of exploration,” stated Max Pozzoni, President of Cobra. “What is happening now in domestic areas such as the Gulf of Mexico

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BP: British Petroleum. Big Profits

by Tony Daltorio, the Investment U Research Team

Not too long ago, seven major oil companies – commonly referred to as the Seven Sisters – controlled their market.

But that was then and this is now. Today, they’re scrambling to find new oil fields, while “smaller” companies rock the industry.

That’s why there’s been so much excitement over the recent discovery of a ‘giant’ oil field in the Gulf of Mexico by one of the Seven Sisters, British Petroleum ADR (NYSE: BP).

When international oil companies consider where to invest, they typically have to choose between technically straightforward fields in politically turbulent countries, or politically stable areas that require complex and costly production techniques.

Easily produced, accessible energy resources in secure countries just don’t exist anymore; the era of cheap oil is truly over.

But BP has a long history

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BP PLC (NYSE ADR: BP) yesterday (Wednesday) announced a “giant” oil discovery in the Gulf of Mexico that may contain more than 3 billion barrels of oil. The find is evidence of the Gulf’s resurrection as a major oil producer, as well as the great lengths – or depths – to which major oil companies must go to find vibrant wells.

The well, known as the …

BP PLC (NYSE ADR: BP) yesterday (Wednesday) announced a “giant” oil discovery in the Gulf of Mexico that may contain more than 3 billion barrels of oil. The find is evidence of the Gulf’s resurrection as a major oil producer, as well as the great lengths – or depths – to which major oil companies must go to find vibrant wells.

The well, known as the Tiber Prospect, is one of the deepest wells ever drilled with a total depth of about 35,055 feet, or 6½ miles. An appraisal will be required to determine the size and potential commercial value of discovery, but preliminary estimates suggest the field is bigger than Kaskida, a 2006 discovery that boasted 3 billion barrels of oil equivalent (boe).

“Tiber represents BP’s second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery,”

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Oil major BP Plc (BP) has made a huge oil discovery in the deepwater Gulf of Mexico (GoM). The discovery well is located at its Tiber prospect, approximately 250 miles (400 kilometers) southeast of Houston and is in 4,132 feet (1,259 meters) of water. The well had oil in multiple Lower Tertiary reservoirs. The Tiber prospect is operated by BP, Petrobras (PBR) and ConocoPhillips (COP) with their working interest of 62%, 20% and 18%, respectively. Tiber is BP's second significant discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following its earlier Kaskida discovery in 2006. Kaskida is operated by BP, Anadarko Petroleum (APC) and Devon Energy (DVN). The discovery may signal new prospects in the deepwater Gulf of Mexico. While onshore oil exploration gets saturated over time, oil and gas giants and state-run oil majors scramble to ...