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Christmas 2023 Jeffrey1979 £4.60
WeirdPal £4.64
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Sundezena £5.55 already taken
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Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Jeffrey1979 £4.60
WeirdPal £4.64
Christmas 2023 Owls £4.71
Christmas 2023 Spikeyj £4.84
Christmas 2023. ClydeCrusader £4.85
Christmas 2023 wolfiebill £4.87
Christmas 2023 beecknot £4.95
Christmas 2023Selecta6 £5
Grezz £5.05
Christmas 2023 Halma 1983 £5.10
Christmas 2023 Pang £5.12
Christmas 2023 Boxter £5.18
Christmas 2023 GKerr £5.20
Christmas 2023 Bruce77 £5.27
Christmas 2023 Neil 74 £5.33
Christmas 2023. Keepergy £5.45
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023 Jezzo £5.75
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Christmas 2023 Happy investor 100 £6.00
Christmas 2023 Spights £6.45
Christmas 2023 jamtart 1 £6.50
Christmas 2023 y11 £18.20
Sit tight and enjoy the ride, definitely a fiver before the summer's out
Or to put it another way
Exactly as predicted by Charlie
BP p.l.c. (the "Company") announces that on 3 July 2023 it has purchased, in accordance with the authority granted by shareholders at the 2023 Annual General Meeting of the Company, a total of 8,512,581 of its ordinary shares of $0.25 each ("Shares") on the London Stock Exchange and Cboe (UK) as part of the buyback programme announced on 2 May 2023 (the "Programme") and as detailed below
Highest price paid per Share (pence): 474.45
Lowest price paid per Share (pence): 464.00
Volume weighted average price paid per Share (pence): 469.5884
36.04 USD +0.75 (2.14%
35.96 USD +0.67 (1.90%)
I think buyback volume has a part to play.
10 million shares bought each day is obviously very supportive of sp.
3 million shares bought each day is much more leaving sp to market forces.
Without buybacks it is possible that sp could have crashed further as Pension funds and Green investors left in droves.
Most of us agree that from historical pricing the sp would be higher for these levels of profit,so that probably means buybacks are still a bargain at these prices.
The buybacks are making the div ever more affordable.
That must be good,( and a big help as div gets slowly increased)
Sending my positive vibes:)
We will be debt free in a few years other than The Deep Water Horizon monies
Imagine where the price will be then
Onwards and upwards to £5
Sending my positive vibes:)
We will be debt free a a few years other than The Deep Water Horizon monies
Imagine where the price will be then
Onwards and upwards to £5
I will have a go - They affect the share price instantly but the value difference is not enough to noticeably move the share price. Only over longer periods of time can you see the effect and only if the buybacks are big enough as you say.
4% in H1 is substantial so that would qualify in my mind.
It will affect the balance between buyers and sellers that create the marketplace but how this affects price is impossible to know. You will end up with questions like "if BP was not buying shares would the newly ESG pension fund selling have pushed down the share price?".
What is indisputable is that if there are 25% less shares in circulation in 2025 than there were in 2020 the earnings per share are 33% more than they would have been. I like this maths and I prefer buybacks to dividends currently (as it helps me increase my ownership of the company without doing anything).
If I thought the shares were over-valued I would not be for buybacks... but then I wouldn't get dividends either as I would sell my holding.
Saudi Arabia is extending its unilateral 1 million bpd production cut into August, the world’s top crude exporter said on Monday, sending oil prices rising by 1%.
“An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of August that can be extended, and in effect, the Kingdom’s production for the month of August 2023 will be approximately 9 million barrels per day,” the official Saudi Press Agency (SPA) reported on Monday.
The extension was not a total surprise for the market.
Back in early June, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July, to around 9 million bpd. The cut could be extended beyond July, Saudi Energy Minister Prince Abdulaziz bin Salman said a month ago.
The extension is now a fact, Saudi Arabia says.
“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil market,” the Saudis said today.
Saudi Arabia has been looking to prop up oil prices for months after concerns about the global economy sent benchmark prices below $80 per barrel. That’s the level the International Monetary Fund (IMF) has estimated as the breakeven price for Saudi Arabia to balance its budget this year.
Despite Saudi efforts so far, Brent oil prices have been trading below the $80 a barrel mark since the end of April.
Early on Monday, after the Saudi announcement of an extension of the cuts for another month, Brent was up by 0.89% at $76.06, while the U.S. benchmark, WTI Crude, was up 0.93% at $71.30 per barrel.
By
Tsvetana Paraskova
TSVETANA PARASKOVA
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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Oil Prices Climb As Saudi Arabia Extends Production Cut Into August
By Tsvetana Paraskova - Jul 03, 2023, 5:28 AM CDT
Saudi Arabia is extending its unilateral 1 million bpd production cut into August, the world’s top crude exporter said on Monday, sending oil prices rising by 1%.
“An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of August that can be extended, and in effect, the Kingdom’s production for the month of August 2023 will be approximately 9 million barrels per day,” the official Saudi Press Agency (SPA) reported on Monday.
The extension was not a total surprise for the market.
Back in early June, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July, to around 9 million bpd. The cut could be extended beyond July, Saudi Energy Minister Prince Abdulaziz bin Salman said a month ago.
The extension is now a fact, Saudi Arabia says.
“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil market,” the Saudis said today.
Saudi Arabia has been looking to prop up oil prices for months after concerns about the global economy sent benchmark prices below $80 per barrel. That’s the level the International Monetary Fund (IMF) has estimated as the breakeven price for Saudi Arabia to balance its budget this year.
Despite Saudi efforts so far, Brent oil prices have been trading below the $80 a barrel mark since the end of April.
Early on Monday, after the Saudi announcement of an extension of the cuts for another month, Brent was up by 0.89% at $76.06, while the U.S. benchmark, WTI Crude, was up 0.93% at $71.30 per barrel.
Thanks Charlie156, good analysis. I've tried to do some research on the following but not really found anything insightful. The logic of buybacks to reduce sharecount and increase the overall value of each remaining share is clear, however in practice its so hard to tell the timeline in which this benefit phases in to the overall SP - anyone have any thoughts on this? is it a year? two years?
I personally think they only work when large scale buybacks are implemented (as bp is doing), otherwise the purchases get lost in the macro impact - buying back c: 1/5th of the company since 2021 should protect LT holders against this
BP bought back 718.7 million shares in H1, 4% of the share capital. For this buyback, there's enough left in the kitty, at these prices, to buy 7.5-8 million shares a day, for all of July. As for the next buyback I'd go for $1.5bn, although BP did say in the last results there would be a working capital release in H2. With an oil price of $75 and yield of 4.3%, it's hard to put a convincing case for a higher share price, but while the oil market looks for direction, sub £5 buybacks offer solid value in the medium term. Looking forward to August's results, with Shell raising their dividend, if BP don't increase their own, the market won't like it.