Thanks Goose. I had lost sight of that one. Looks as if bp swinging back into favour. Or maybe with BoE's latest decision, not much point in keeping money in the bank - might as well stick it into oilies!
I haven't been on this board since I lost my shirt to the Afren crooks. I have been heavily in BP since Macondo and was waiting for the take over by Exxon. It was made clear that a takeover was not going to happen by the Government so no romance there. Subsequent events, low oil price, continued blood sucking by the US, reduced BP to a fairly steady 350p pre Brexit. The thing is that all the pundits/experts were saying that BP had too much debt and sold off the crown jewels to pay the fine, without replacing reserves. At least one expert predicted low 200's pre Brexit. All well and good forecasting production growth with massive Capex investment, but justifying future growth without discoveries (or buying discoveries) doesn't look healthy for the SP or dividend. Any murmers of a dividend reduction will send the SP much lower. Consequently I bailed out at 458p, and will probably get back in again at 375p. GLA
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