Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Happy, I wont comment on Archea as this isnt my area of expertise.
The Travel centers acquisition was superb, it carries many opportunities across the C&P portfolio and compliments our US retail real estate nicely - do not under estimate the future integration value of bp, particularly in the US where we have our strongest assets
Let's set up a joint venture company initially with Shell 50-50. Put all the green stuff in there. New joint venture can raise fresh capital to develop wind, solar etc. from CSR conscious investors - the old investment rope a dope! I don't want us diverting O&G profits to green bulcaca. Rather, I wish those O&G cash flows were paid out as a higher dividend.
All IMHO DYOR
Happy
MarkGo, Theaky and others
Some great posts as always.
I agree totally the green stuff is fast becoming a problem and distraction. I think the crown wind leases purchased for £1bn are also going to be written down in due course (I hope they are because I don't want is to invest more). I think Travellers and Archea will prove in time to be poor buys, too.
We need a new broom to sweep away the green bulcaca. Sell or write down the crap Looney bought. We should do this before we waste larger sums. Reallocate capex to O&G. Get rid of the tree huggers Looney employed and drill, baby drill.
Core operational business is remarkably strong. We produce 2.1m boepd and our pipeline is best in industry. If we write down all green crap to zero core business alone is worth 600 v Exxon / Chevron.
I'm open to an offer. Current management and board need complete clearout.
Start again with the O&G business. Exit green crap.
All IMHO DYOR
Happy
MarkGo,
“That’s down to management and it rather begs the question as to whether any new chief executive will persevere with the ‘Performing while Transforming’ of Bernard Looney, because while it is clear that BP is transforming, it certainly isn’t performing,"
That is a very alarming statement. BP is already significantly marked down against our peers and what with Murray Auchincloss coming across as a damp rag in his results address is it any wonder the share price has fallen so far. We desperately need a "Rockstar" as Meoryou posted both to refocus the business to our core very profitable base. I found it alarming that we the shareholders have been left in limbo for so long.
The $540 impairment charge for the three New York wind projects has raised concerns over possible future impairments. If I recall correctly, this was due to BP's rejected request for an increase in the power purchase agreements due to the effects of inflation etc making the projects unviable. We will have to wait and see if this a one off or a repetative concern going forward.
This is obviously a concern of the ' professional ' analysts...
"Michael Hewson, chief market analyst at CMC Markets argued that alongside boardroom uncertainty, investors are wary over its transition plans, with BP adopting a more aggressive approach to the energy transition compared to its competitors.
“That’s down to management and it rather begs the question as to whether any new chief executive will persevere with the ‘Performing while Transforming’ of Bernard Looney, because while it is clear that BP is transforming, it certainly isn’t performing,"
Amazing that even with buying back 1% of the company in Q4 alone still leads to a downgrade, despite them guiding it’ll roughly follow Q3 results
Just for information....
BP was downgraded to underweight from neutral at JPMorgan
BP was downgraded to underweight from neutral at JPMorgan, following the oil major’s third-quarter results. “This year is revealing BP’s cashflows as increasingly leveraged to wider standard deviation variables – notably trading and working cap,” said analysts led by Christyan Malek. Its price target was cut to 550 pence ($40.02 per U.S. listed share) from 615 pence, and the analysts said they have a clear preference for Shell SHEL and TotalEnergies TTE. The analysts also say there’s the potential for further, renewables-led clearing of the decks, as well as the rise the fourth-quarter buyback may be scaled down to $1 billion.
Good morning all
Well done to all those investors who have timed the market well. I am very confident that you will be handsomely rewarded over the next few quarters.
Mark
Nice move guys - I was a bit previous...as usual...;-)))
Back in to Bp @490 see opportunity in recent results and sediment
I've joined you, 7000@490.5457.
£24k at 488 - lets see if this was a good jumping in point, hoping to catch a quick trade and pick up some divis along the ways
Charlie
Yesterdays presentation was by 2 people who really don’t have the most interesting voices.
But it’s what they say that counts.
Do we really need a Rock Star to lead us ( no).
I’m still not sure it should be a Finance guy, but he has made less bad headlines than Looney did so far.
And I’m not so sure as some on here that there is going to be a major change of strategy
Auchincloss could not have been clearer yesterday, BP's growth engines will be clean energy and not oil and gas. There are going to be a lot less column inches written about BP, without the Looney schmooze.
I feel at times almost like a lone voice on here,saying that all renewables are not a costly mistake.
Lightsource BP is self financed and according to yesterday can make 16% returns.
EV charging can make 16% returns
Convenience can make 16% returns.
Some offshore wind I agree we overpaid for, and will struggle to make money from.
Others are in the right place to use to power our EV charging and Hydrogen generation.( which again due to owning the whole process allows higher returns).
Yesterday there was also a new message which appears to have been missed.
It was stated that the aim of many of these renewables was when up and generating cash ,to actually farm out some of the ownership in them and retain an approx 30-35% stake.
Murray, said this would make them cash light in terms of financial expenditure.
So once again my message is any renewable they can make money from is fine by me.
Any they can’t we should not be doing.
And we await our new CEO to lead us in whatever direction is decided.
Even if that turns out to be a merger with Shell
Wow - how oversold...will we ever get to stay in the 500p range for more than a few weeks
Expect us to close up today. This weakness is creating some nice trading ranges.
Unlike Chevron, which had big cost issues in Kazakhstan, our results were affected by what I would describe as non-core issues - gas trading and the writedown on wind. The core O&G operations have never been in better health and they should drive material production growth and profitability in the quarters ahead.
So will trade these dips...
All IMHO DYOR
Happy
Https://www.livecharts.co.uk/MarketCharts/brent.php
Good morning all
Results weren't great. Interesting article in the Telegraph about potentially the next mega merger in Oil & Gas - would BP garner a premium ?
Https://www.telegraph.co.uk/business/2023/10/31/why-oils-next-mega-merger-should-be-shell-and-bp/
All will come good, Again ;0)
Lightsource BP is doing very well. The returns are very high across the world for the development model that Lightsource has engendered. I think the average return, if I remember from looking backwards -- '22 backwards, the average return on the flip model was around a 16% return. So very, very strong returns that have come out of. I think it was [indiscernible] transactions was the last time I looked at it. So that continues to be a very good model that's working very well across Europe and Asia right now, a little bit sticky in the United States in 2023, but across the rest of the world. It's working very well. We'd expect the U.S. to return to normal in '24, '25.
50% back in, I sat on my fingers at 496 my mistake,gla