Tony Hayward Confident About BP Future
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Thursday, 16 October 2008 |
Tony Hayward has been expressing confidence in the outlook for BP
dividend growth, in spite of the recent fall in the oil price from a
peak of more than $147 a barrel in July to less than $82 this week.
BP believes its shares are undervalued. BP Shares have fallen 27 per cent this year, compared with a 32 per cent drop in the FTSE 100. Having picked up from a low of 370p, and gaining 28½p yesterday to 446¾p, they are still lower than in April 2004.
BP reports third-quarter results on October 28, with analysts expecting earnings per share of about 37 cents, up from 20.3 cents in the third quarter of 2007.
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