Oct 30, 2018
BP: well to do
The oil spill that once threatened BP's existence was hardly mentioned as the group presented third-quarter results that were well above expectations. The group now plans to pay entirely from cash flows. One reason finance director Brian Gilvary has changed his mind: free cash flow for the year to date, including net acquisitions, has more than trebled. Even after a share price jump of 3.5 per cent on Tuesday, its enterprise value to ebitda still trails almost all the oil majors. BP, for so long part of the oil royalty, is regaining its crown.
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