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The world’s top independent oil trader, Vitol, booked a net profit of $13 billion for 2023, wrapping up a second consecutive year of very high net income following record 2022 earnings, the Financial Times reported on Monday, quoting sources familiar with the privately-owned group’s results.
The disruptions in the energy markets and the high volatility in commodity prices in 2022 and 2023 benefited the largest independent trader, and all other major independent trading groups such as Trafigura and Gunvor, but Vitol’s earnings far outpaced those of its closest rivals.
Kate Thomson Chief financial officer / director
Shares acquired through participation in a dividend reinvestment plan (DRIP
Shares 2086
Cost per share £5.0855
Total cost. £10,608.35
Interesting this has been picked up on the board now when it was said at FY results - lets hope MA sends a clear message to the market - pulling back on green investments (or punting them into late 2020s) and opens the taps. They'll be a lot of societal pressure but the SP will rocket on the expected earnings increase
Exploration, "governments don’t trust BP." Which governments don't trust BP and why ?
Personally I can't wait to get out out with all the green wash being banded around. l feel BP as an oil company has had it's day, and I can't see the same returns from green energy. Too many at it. Oil price is only going in one direction if we see a return to some sort of normality around the world, with the atrocious things we see happening.
Just an admission of what many of us have long known that the Net Zero transition is bulcaca and BP will never make any money from it.
Need to focus 90% of our effort and capital on oil and gas. While Exxon is at an all time high, BP is in the doldrums. All down to the transition rubbish.
All IMHO DYOR
Happy
Auchincloss says no change in BP strategy - and 8 weeks later changes it. Latest interview - claims BP can change world oil prices - what’s he on?
"We see growing demand for energy right now across the globe," he told the New York Times. "It is not slowing down." As a result, BP is "going to invest in today's energy system, to help make sure that prices don't get out of control," Auchincloss explained to the news outlet. "So that's investing into oil and gas."
With McKinsey disciple Looney out of the way, the new CEO has stated the obvious. For every barrel BP didn’t produce Exxon, Shell and Chevron produced it instead. But whoever is advising him led him to claim that BP increasing oil production will affect world oil prices. Obviously nonsense.
BP’s reserves/production ratio is lowest of majors, there is no business renewal plan for oil/gas, Looney fired all the upstream experts and governments don’t trust BP. No-one cares if motorists bought 21 million cups of coffee from BP last Tuesday. It’s barrels/day, stupid.
This about-turn might save BP but one has to wonder why all the high-paid help on the Board and Leadership Team are still in their jobs. After all they’ve presided over the biggest disaster for BP since the Macondo blow-out in terms of lost value in the recent past and certainly in the future.
Vote’ them out at the AGM
Hi Gingy
“BP will be impacted by downtime at Whiting and Freeport LNG".
That should not be a surprise as it’s well known,so expecting a reasonable announcement,due to oil price, but not spectacular.
It’s what the market makes of it that counts.
But markets are meant to be forward looking and with oil above $90 it’s easy to feel optimistic about the rest of the year.
But that can change in a moment
Hi meoryou. It sounds like we're going to get knocked back on Tuesday then.
Many thanks for the reply.
I'll sit tight a little bit longer. Some very good constructive comments here. Shame some of you aren't on the BoD at BP. Enjoy the remains of the weekend. STH.
Yes the 80% return to shareholders includes buybacks.
Welcome to the board
Sorry, yes, new to the board but assess you are not.
May I ask you does that 80 % include the sums of 'Buy Back'? Thanks in advance.
From Proactiveinvestors
If it is anything like Shell’s update on Friday, BP’s first quarter numbers on Tuesday will be a low-key announcement.
The upshot from Shell is that gas profits are falling following the bumper returns it saw in 2023, but otherwise, trading seems solid enough.
Something similar is likely from BP though analysts at Jefferies said that "BP will be impacted by downtime at Whiting and Freeport LNG".
BP has already allocated US$3.5 billion for share repurchases in the first half of 2024 and has set its sights on executing buybacks of at least US$14 billion (£11 billion) by the end of 2025.
In other words, BP is aiming to redistribute at least 80% of its surplus cash flow back to its shareholders.
Again, quite a few billions not going towards green investments (in BP’s defence, it has been fairly candid about scaling back its green-transition targets); something that has angered its critics.
BP release a trading statement for Q1 next Tuesday. Whiting refinery was closed for a number of weeks, so that will impact on downstream performance.
I'm of the belief because they are quite happy picking up their cheques and following the pressure from HMG for attempting a continuing move on 'green' from a great British company. They can't fail. It all looks good to the ridiculous! In addition, maybe they don't want to put their head's over the parapet until the next set of money-grabbers are in position. No one can be seen to be making poppy when votes are concerned. You'll probably find half these current idiots in power on the BP board........late November? Be good all.
Brent live :)))))
Some Fields Are Too Good to Give Up. The Dutch parliament’s vote on a bill that would permanently ban gas production from the giant Groningen field has been delayed indeterminately, and despite a preliminary shutdown in October 2023 it could still be reactivated in exceptional cases.
US to See Extremely Active Hurricane Season in 2024. The annual hurricane forecast released by CSU sees the Atlantic season well above average hurricane activity, expecting 23 named storms out of which 5 could transform into major hurricanes, higher than the 3.2 per season average.
Petrobras Readying for Corporate Turmoil. Brazilian media are reporting that the top executive of Brazil’s national oil company Petrobras (NYSE:PBR) Jean Paul Prates might be replaced in the coming days amid an ongoing dividend spat between him and the country’s Energy Minister.
US Tightens Screws on Iranian Oil Tankers. The US Treasury Department sanctioned 13 oil tankers and their UAE-based operator Oceanlink Maritime for allegedly transporting Iranian oil on behalf of the country’s military, bringing the number of sanctioned ship to 258 tankers.
Copper Rallies on Resurging Supply Risks. The price of copper has jumped to the highest since January 2023 above $9,360 per metric tonne as reports of Ivanhoe Mines’ (TSE:IVN) giant DRC Kamoa-Kakula complex seeing a 6.5% drop in Q1 production alerted the market to the risks of tight supply.
Myanmar Conflict Might Threaten Chinese Infrastructure. Internecine strife in Myanmar might soon endanger Chinese crude supply as separatist militias from the Arakan Army have seized territory only miles away from Kyaukpyu port, feeding Petrochina’s 260,000 b/d Anning refinery in southwest China.
Update
Friday, April 5th 2024
Aided by a whirlwind of bullish news, Brent prices surpassed the $90 per barrel threshold and surged past the $91 per barrel mark on Friday morning. The anticipation of Iran’s retaliatory strike on Israel, a developing Mexico export shortage, and the continuation of OPEC+ cuts have boosted sentiment in the oil market recently. On the other hand, the potential of the Fed not cutting interest rates this year could pour some cold water on the oil price rally.
US Government Cancels SPR Repurchases. The US Energy Department announced it would “keep the taxpayer’s interest at the forefront” and scrapped its tender to buy 3 million barrels of strategic petroleum stocks in August and September as WTI rose to $86 per barrel this week.
Official TMX Pipeline Launch Sooner than Expected. The Trans Mountain Expansion pipeline announced it would start commercial operations on May 1, one month before market expectations, as Canada’s government wants to start the $25 billion project as soon as possible.
Investors Flee Diesel as Gasoline Reigns Supreme. Hedge funds and other money managers have been quitting their diesel positions, with CFTC data showing 25 million barrels sold in the NYH ULSD and ICE gasoil contracts the week ending March 26, as gasoline has become the product of preference.
Russia to Scale Back LNG Ambition. Russia’s LNG exporter Novatek might scale back its ambition of building a 19.8 mtpa liquefaction facility at the Arctic LNG 2 plant and only build two trains instead of three, reusing one for a new project that would be built in ice-free waters.
Senegal’s New President Launches State Probe. Bassirou Faye, the newly elected President of Senegal, has oil companies on tenterhooks after he called for a nationwide audit of the oil, gas and mining sectors, potentially affecting the launch of Woodside’s (ASX:WDS) Sangomar project.
Shell Asks for Long-Term Venezuela Guarantees. UK-based oil major Shell (LON:SHEL) asked the US government for a long-term license before it takes an FID on the 4.2 TCf Dragon offshore gas field in Venezuela, with the current White House waiver running out in October 2025.
Mexico Goes on an Oil Export Cancellation Spree. Mexico’s state oil firm Pemex asked its trading unit to cancel up to 436,000 b/d of crude exports in April to have enough crude for the Dos Bocas refinery, just as the country’s crude production has fallen to a 45-year low in recent months.
That’s the one thanks meoryou!
Anyone see Exxon hit ATH today? Should send shivers through the bp board and get them asking themselves why isn’t bp doing the same
Div yield last 10 years
https://www.dividenddata.co.uk/dividend-yield.py?epic=BP.
Hmm it might have been divi yield vs. bp share price come to think of it.
Cutting the divi by 50% killed the SP, slow walk back there but with a persistant $80+ oil price it seems like the board are hoping pure market fundamentals will cover up their questionable TSR policy of buybacks over everything. If $80+ persists the balance sheet has to get so strong they have no choice but to up divi >4% pa
WP
Is this what you are referring to posted by Boyobach
Oil Price isn’t the problem here: BP is underperforming, particularly since May2nd last year.
https://invst.ly/13me5v (chart of BP against Brent and Shel over 5 years)
OP is well above 2019 levels, when BP was around 550 with Brent at $66 .