NYSE:BP has been weathering the industry downturn nicely. I am very pleased with the stocks lack of reaction (-2%) to the bad news, despite a 30% decline in replacement cost profit. Exxon and Chevron both lopped 10% off their stock prices when they reported similar results.
While no investor should be happy with a 30% decline in profits, this confirms the original thesis: All the Bad News is Priced In. Parking some cash in BP has worked out well so far, and the firm is re-positioning for growth over the long-term.