Analyst Fustier points out that BP trades at a 22% discount to net asset value, compared with only a slightly narrower 19% discount for the other supermajors.
And we can expect more declines in 2013, with analyst Kim Fustier at Credit Suisse forecasting a further 6.1% reduction in oil and gas volumes, from the current 2.3 million boepd, despite a handful of new projects coming on line this year.