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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (51607)	5/22/2013 7:20:54 PM
From: E_K_S	Read Replies (2) of 78645

Statoil ASA (NYSE: STO) BP plc (NYSE: BP) I saw your add on STO and did not know if you looked at BP. I was thinking of starting a position in BP now that they have sold some assets and resolved the Gulf of Mexico oil spill issues. Below is an April 2013 Credit Suisse report for several of the major integrated oils. I was attracted to BP for their 5% dividend and that UK does not have a foreign tax withholding on their dividend. With a forward PE of 8.5 (EV/CF under the group avg. 6) and selling at 1.07x BV, this one seems to be selling at an attractive value (especially for a 5% dividend payer). I do like how they have managed to keep a lot of their LNG assets especially their Australian NG export terminal. They have contracts to sell NG to Japan out through 2030. Do you have any opinion on BP and is it one you have considered to add shares too and/or is it still too early to tell w/ other asset sales still pending? EKS

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