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BP interim results-Gulf related writedowns slightly ahead of consensus at $32.2bn against $25-$30bn. Underlying profits in line with consensus at $5bn and underlying cash flow $8.9bn. All in all strong results and BP has taken the full hit of the recovery costs to date and not yet allowed for any contribution from its 35% partners in the rig. Selling up to $30bn of assets may be neutrel for the shares but one worry is the $32.2bn charge being much higher than the consensus range.