ING Financial Markets

BP plc (BP) - Jason Kenney at ING Financial Markets

BP, which overtook Exxon for the first time last year with 4 million barrels a day of production, will enter deepwater exploration off Brazil for the first time. The newly acquired assets may add more than 100,000 barrels a day of oil by 2015, said Jason Kenney , head of oil and gas research in ING Commercial Banking in Edinburgh."This is one of the best deals BP has ever made," Kenney said in a telephone interview. 

Fortis SA/NV (FORB) - Albert Ploegh at ING Financial Markets

Profit beat the 1.12 billion euro median of 12 estimates compiled by Bloomberg. Fortis, which is changing its name to Ageas, plans a dividend of 8 cents a share. Fortis is resuming distributions less than a year after emerging from its breakup, paying out 41 percent of last year's profit from insurance operations. The insurer's net asset value declined by about 150 million euros in the final quarter to 8.35 billion euros on widening sovereign credit spreads. Fortis also sold about 850 million euros of Greek government bonds in the period at a loss of 16 million euros."Rather benign," said Albert Ploegh , an analyst at ING Wholesale Banking in Amsterdam, referring to the losses on Greek bond sales. 

Glencore Holding AG - Nicholas Hatch at ING Financial Markets

"It probably helped save them from a liquidity crunch." Liquidity Target "The consensus view seems to be that Glencore can get enough money to exercise the Prodeco option," said Nick Hatch, an analyst at ING in London. "They have the capability to do it, whereas six months ago it looked highly unlikely." The company may bring in a partner to help fund a buyback 

Glencore Holding AG - Nicholas Hatch at ING Financial Markets

"It probably helped save them from a liquidity crunch." Glencore benefitted from the recovery last year in metal and oil prices. The company had cash and credit facilities of more than $4 billion as of Sept. 30, ahead of its liquidity target of $3 billion, it said in a November report sent to bondholders and obtained by Bloomberg News. Net debt fell to $9.3 billion, from $10.4 billion at , and Glencore refinanced a $1.35 billion loan that was due to mature in December, according to the report. "The consensus view seems to be that Glencore can get enough money to exercise the Prodeco option," said Nick Hatch , an analyst at ING in London. 

Exxon Mobil Corporation (XOM) - Jason Kenney at ING Financial Markets

"It's not going to be easy, but their plan is credible," said Jason Kenney , head of oil and gas research at ING Commercial Banking in Edinburgh. "They'll be at least as good as Exxon in terms of return on capital employed over the next five or six years. That's a major turnaround from the dark days of 2005 and 2006. They're firing on all cylinders, but they've not yet pressed the accelerator." 

Prudential Financial Inc (PRU) - Kevin Ryan at ING Financial Markets

"Fifteen billion pounds is a huge amount, and I would want to see more details of the kind of return profile and the timetable for that," one top 10 Prudential shareholder said, speaking before the deal was confirmed. Prudential shares fell 12 percent to 530 pence against a slightly higher FTSE 100, while AIG shares closed up 4.1 percent at $25.78. "(The deal) is going to be enormously dilutive," said ING analyst Kevin Ryan. "No one knows exactly what AIA contains or how profitable it is, or how it overlaps with Pru's existing businesses." 

Prudential Financial Inc (PRU) - Kevin Ryan at ING Financial Markets

"Fifteen billion pounds is a huge amount, and I would want to see more details of the kind of return profile and the timetable for that," one top 10 Prudential shareholder said, speaking before the deal was confirmed. Prudential shares fell 12 percent to 530 pence against a slightly higher FTSE 100, while AIG shares closed up 4.1 percent at $25.78. "(The deal) is going to be enormously dilutive," said ING analyst Kevin Ryan. "No one knows exactly what AIA contains or how profitable it is, or how it overlaps with Pru's existing businesses." 

American International Group, Inc. (AIG) - Kevin Ryan at ING Financial Markets

Prudential shares fell 12 percent to 530 pence against a slightly higher FTSE 100, while AIG shares were up 6 percent at $26.30. "(The deal) is going to be enormously dilutive," said ING analyst Kevin Ryan. "No one knows exactly what AIA contains or how profitable it is, or how it overlaps with Pru's existing businesses." .