However, it's the dividend yield that really got our attention. At more than 6 percent, it's a real gusher, and should help keep something of a floor on the stock. True, a too-high yield on a stock or bond is often a red flag, but BP's management allayed fears that it would have to cut the payout to put its cash to use elsewhere next year.

"As yet, there is no guidance on 2010 [capital expenditures]," Collins Stewart analyst Gordon Gray wrote in a report to clients, "but comments from CEO Tony Hayward point to the company's confidence in its ability to meet both its investment needs and its commitments to shareholders."

Take the global economic recovery, a dirt-cheap relative valuation, and a stable, generous dividend, and BP still looks good, even after the post-earnings bounce.