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Even if oil was at $100 per barrel no one would invest here, Looney has scared off investors. He needs to leave and the company needs to change strategy
Why don't they just split the company as two listed entities, one focusing on oil and gas and the other pie in the sky loss making green energy stuff
Looney is right he is also courageous to take the steps that he has taken.
He is clearly a wise man in that he sees the end of oil and that we must embrace clean renewable energy. His attitude is along time over due in the oil and indeed gas industry.
His decisions are for the good and future of BP. He is not a fail to plan is plan to fail merchant, he is of determination to change for the good of BP and more importantly mankind.
Other should not mock even if they do and they do, they will eventually follow his lead.
If you need confirmation that oil has had it look at Shell or the major US oil companies and see where they are, or likewise look at just how scared the Russians are and indeed they are clever too.
Good on you Bernard Looney.
And the market & investors clearly agree with looney, lol, total shareholder destruction here
Talk about the "end of oil" is utter and complete eyewash and can only be uttered by those living in countries where money can be thrown at "green" projects to dance to the tune of the environmental lobby's agenda and make a bunch of self-seeking politicians strut and preen.
Try telling a peasant farmer in the wilds of India and Mexico and other similar populous countries, scratching to make a living, that he must eschew the use of fossil fuels in favour of high tech gizmos which cost a bomb to buy and to mend when they go wrong and then wonder why he shows you the door, (to put it politely)
Try telling anybody for that matter.
How many people can afford over £30k to buy a planet saving car the use and efficacy of which is being called into question already because of the plundering of the planet for lithium and the ultimate recycling problems when batteries wear out?
Looney may be well intentioned but publicly putting the skids under his core business and making vague noises about an "alternative" future for the company, before having thought through a detailed transition plan, is highly irresponsible and has contributed to the present dismal state of the SP.
Try telling your story to the drought ravaged regions of Africa and the areas of South East Asia where there is flooding the likes of which was never before seen.
Try telling your story to the folk whom live in the towns in the UK that were flooded a few months ago.
Try telling your story to nature that lived in Antartic where the ice has melted so much in the last two decades.
Trey telling your story to the scientists that understand the damage that has been done to the ozone lawyer.
Trade your greed for the good of the generations that are to follow.
It's folk with your attitude that create problems for all of mankind.
Agree completely with what you say about the global crisis
Unfortunately you missed the point completely. I agree with what Looney is trying to do, but disagree completely with the way he is going about it. It ain't going to happen overnight, far from it and anybody with a grain of common sense knows that we are going to need fossil fuels for the foreseeable future.
I would applaud mightily if the inhabitants of the drought ridden/flooded/poverty stricken countries could be freed from their reliance on fossil fuels (I have worked in some of the "drought ravaged regions of Africa and the areas of South East Asia" so probably have more first hand knowledge of the subject than yourself) but the point I was trying to make is that the transition is going to cost mega mega bucks AND THEY CAN'T AFFORD IT unless the developed World undoes its purse strings big time and bails them out. Can you see that happening?
So, am in complete agreement with you but please do not presume to lecture me on my financial persona or my attitude to future generations, both of your comments being way off the mark.
BS. Keep wringing your hands till you draw blood. People who think that societies can magically go green overnight such as academics like Klaus Schwab of the World Economic forum infamy promise are clueless, just as Marx was . They just don't understand human nature, or the economy and how it works.
The earth and its atmosphere is far more resilient than you think. As are people. Humans have only been here for a blink of an eye in terms of the earth's existence And human activity is puny compared to the effects of Milky Way, the Sun, etc. The psycho-paths behind this Great Reset aren't doing things because they care for humanity or the earth. This is about control and restricting freedoms. They actually hate people.
The changing of old habits is never easy, in the case of protecting the environment that we all depend on for our survival there is no time to procrastinate or make so change so that people will not lose money.
For far too long this has been put on the long finger.
That's why Bernard Looney is so right and the passing of time will be the ultimate prrof that he is.
Hydrocarbons are not going to disappear. They are an integral and essential element without which society would not be able to function. An unpleasant truth perhaps , one that may be difficult for the virtue signallers to accept.
Is there a chance if the situation worsens in the Caucuses between Armenia and Azerbaijan oil prices could rise. Especially if there is a risk of regional powers becoming involved. Not a scenario I want but has to be considered.
What I am reading here is very similar to what I was reading about banks some years ago. That was “banks are good value they will rebound etc”.
Hydrocarbons will not disappear but there will be much less of a requirement for them.
Cars will be electric, trucks will be electric and busses too and our homes will be powered by electricity from onshore wind. Offshore wind, solar, tidal and wave generated electricity. Green hydrogen will be developed to allow its use in various modes of transport and battery storage will likewise be developed and refined.
Only a fool can not see that Oil as we know it has seen its best days and Bernard Looney is not a fool in fact he is quite the opposite.
Buy when others are fearful.
Certainly seems to be a few people ****eing themselves here, so this must be the place to be!
Buying everything I can over the next few weeks :)
You may be correct JepGambardella ref. "BP could indeed be a very savvy contrarian bet right now". The sector is simply out of favour at present with adverse sentiment driving the prices ever lower. The Greta effect. Investors with a longer view, those prepared to buy and hold while BP diversifies and realigns the business may be rewarded with attractive gains. There simply is no alternative to hydrocarbons. Solvents, waxes, lubricants, greases, plastics, synthetic fibres, tar, bitumen and also virtually all synthetic organic compounds are derived from petroleum based hydrocarbons. Solar panels are all very well but they don’t address the multitude of uses provided by hydrocarbons beyond simply using it as fuel.
BP are MUCH, MUCH more than an oil producing giant .... BP's very profitable trading arm handle 20% global traded oil, BP hold a 19.75% stake in Rosneft valued at $10bn or around 25% of our current SP, we also have massive downstream business too. So you see ..... BP are MUCH, MUCH more than an just an upstream producer.
"Cars will be electric, trucks will be electric and busses too and our homes will be powered by electricity from onshore wind. Offshore wind, solar, tidal and wave generated electricity. Green hydrogen will be developed to allow its use in various modes of transport and battery storage will likewise be developed and refined."
Yes, sounds great, doesn't it?
But wrong.
Hydrogen - regardless of the colour - is not cheap or simple to produce, transport or store in quantities large enough to be of any practical value. It only occurs naturally in compounds such as water. It is highly inflammable, the most combustible gas there is. That's why they stopped using it in airships. Just producing enough to power a small gas turbine, after mixing it with natural gas, would cost more than the saving made. So hydrogen is a non-starter as a mainstream source of power. Similarly with battery power. Great idea but production is hugely expensive and the rare earth metals required cost fortunes to mine. Again, not suitable for industrial or domestic use.
Wind turbines? OK for producing a small percentage of the national grid output but to replace coal, gas or nuclear power there would have to be wind farms on every street corner and that's not a viable prospect. They produce electricity for nothing, yes, but they are still less efficient and costly to run than a power station. Same goes for wave power. Solar power is great as long as the sun shines, completely useless in the dark. Storing electricity isn't a cheap option either. A capacitor with enough storage capacity to power the average house would be as big as the house and a battery with sufficient power to drive all the household appliances, heat the water and keep the lights on doesn't exist.
As for electric cars, lorries and buses, these will only replace the combustion engine when battery technology has improved to the point where they are viable on a cost basis and that is years away, if not decades.
The green lobby are witless charlatans who believe in fairies.
BP have pledged to be Net Zero circa 2050, that doesn't mean the end of oil, it simply means production will be offset with Carbon Neutral initiatives. SP is a great opportunity.
This comparison may be a little off but beginning of last year NVIDIA, due to the Bitcoin crash had an oversupply of high end graphics chips that no miner bought anymore. It reminds me of the oversupply of oil and the lack of storage facilities with deiminished demand. Everyone sold NVIDIA shares and for 3-4 quarters the share price fell to as low as 126 as investors panicked about the companies ability to recover, although it was also diversified and produced the best chips. You heard the wackyest analysts predicting dooms day and many lost faith because they were brainwashed by second hand information. When the inventory issue passed and demand recovered the stock took off again as large investors like softbank took their big stakes in the company again and pushed the price up....today NVIDIA trades at 540. Back to Oil...the world will remain to have a need for oil for a very very long time as it will continue to be one of many sources of energy we need to keep things going. When this panic sell is over, give it 2-3 more quarters and BP will rise from the ashes with a stronger portfolio of profitable oil and renewables business and a growing interest from a more diverse set of investors. BP and Shell are on the right track. We currently hav an absolute bubble in the tech sector and an absolute opportunity for value purchasing in the oil sector. We have not felt the true impact of this crisis on the job market, industrial output, inflation etc yet. The fun begins now....but i think that with nearly 60% of zhe share price reduced since the beginning of this year the stock has not got much lower to go.....investors would be fools to no pick this cherry in q1 next year when there is more certainty around vaccine, brexit, election/direction. It is really...too cheap to ignore. Good luck all...i am all in
Agree with a lot of this however the technology for storing energy is advancing rapidly. There are products currently undergoing trials for battery storage in the home and the battery is about the size of a washing machine.
Yep, too many utilities, oil majors, large retailers and high street banks. Definite lack of tech and creative companies.
R00st3R, your information is wrong.
its cheaper to build and run a renewable power plant than one using carbon based fuel- FACT! Coal plants are all subsidised the world over and produce a s**t load of mercury in the process not to mention the waste material and pollution.
The rest of your post i agree with, the market knows this as an oil company / trader / producer and so have no method of working out if its new direction is viable. It would be like McDonalds saying they no longer sell food (in the loosest possible terms of the word food) only to be starting a chart topping record making career using the staff.
I think BP will be a smaller, leaner company for some time and a lot of people are going to get redundant / sacked and a lot of oil prospects like Rock Hoppers Falklands deal are going to get canned.
BP will come out of this stronger, they have some smart people working for them, look at their drills for catching one oil pocket to another - the advert used a bendy straw, but the idea was technically brilliant and it worked.
Buy this stock, it may go below £2, it will be back above £3 by the end of 2021, anyone complaining about time scales - you in a rush or something?
Tesla is a bubble and will crash along with a lot of other "tech stocks" that have no money to backup their valuations.
Fusion98