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Reliance Industries (RIL) and UK major BP have started production from the Satellite Cluster gas field in block KG D6 off the east coast of India.
RIL and BP are developing three deepwater gas projects at KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet about 15% of India’s gas demand by 2023.
https://www.naturalgasworld.com/reliance-bp-start-second-gas-field-off-india-87684

AGM 12 May 2021, so SP Feb to May is my read

'Am I reading this correctly. The financial bit of the 2021-23 share awards will be based on a share price from April to June 2021. So I guess the current SP playing into the managements favour regarding their future bonus ?'

Thats how I read it. Could argue its better for management the SP sat around 250's at the beginning of the 90 day period..? The fact it has risen with communication of the green strategy underpins an argument for 'green value'.
Presumably the green 2030 target will be operationalised against real government regulation rather than a strategy power point and that sounds responsibly good.

A question for the management is what is their incentive to keep the SP low.
'The 2021-23 performance awards will be granted in June 2021, based on the average closing share price over the 90 days preceding our 2021 AGM '
'Annual bonus 2021, ..the scorecard is reweighted to safety (15%), environment (15%), operational (20%) and financial (50%)'
'Executive directors are expected to build up their shareholding in the company to align their interests with those of shareholders. The figures under the 2020 policy are 500% of base salary for the CEO and 450% of base salary for CFO.'

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-directors-remuneration-report-2020.pdf

'BP’s shares have only gained 16% since their worst days in March 2020 and are still more than 40% down from their pre-pandemic levels. Shell meanwhile is up just 27% from March 2020 and also around 40% down since January 2020.
Chevron is down less than 17% from January, Total down 25%, and ExxonMobil down 20%.'

Can we close the gap with US oilies assuming US oilies have priced in Bidens climate agenda. It could be the dividend that is holding us back and any increased would be the trigger for SP recovery?

https://uk.yahoo.com/finance/news/bp-set-report-profit-rise-142245178.html

https://a.msn.com/r/2/BB1fZfkQ?m=en-gb&a=0

Last couple of nights we had a couple of large sells after hours and tonight a few bigger ones. Presumable thats why we are at 292 and why the algos have been chipping all day. I dont realy know, just guessing. Well, if the big money wants to be in for next week, surely it only gets better from here?

Who knows, might kick monday off with a buyback rns?
Tuesday results
Tuesday July brent contract.
Following week ex div

...and then their is the price of oil. Whole month of April must be c$65 so Q2 off to fast start too.
GLA

Analysts focus on revenue as a growth measure so growing profitability by eliminating lossmaking/ low margin business is a 2 edged sword. For me as a stockholder, I get div distribution and benefit from the buybacks and believe the cash will keep flowing toward me rather than unprofitable business. But there is only so much cost that can be eliminated before a business ends up exiting a market. BP has to innovate and seek new product/profit streams which its is doing.
The top line 'revenue growth' will become clearer when the new reporting framework(segment) is built with year on year comparisons. 2019/20 is being restated on 27 March. The 'rebased' glide path will grow with an increase in green capex (to 50% of capex) by 2030 and is overlaid on forecasts and projections that meet governments regs/ targets for climate etc.
$65 oil is the proverbial cash cow in the meantime so I am not worried if we trade sideways for a while. Buybacks and dividends are good enough for now and I will reevaluate second half/ FY.
Topped up at 292.9 this morning!

I imagine the shorts closing as the buybacks start. See if we pull ahead of rdsb to confirm?

Dont forget its not all about a good set of Q1 results and the $Bn (60%) buybacks. We go ex div c 2 weeks time! Great investment but you need to be in for the div and the sp rise imo

Can BP start buybacks before the results. Is there some sort of protocol governing that? Could be a better than the rest of the market for stakeholders over the next few weeks if they started tomorrow?

This apparent weakness has me revising the price and spiking in the last week to 365. Doesnt really matter. I will top slice at 385 and large holding for 2 or 3 years of buybacks if history repeats

'We will be producing oil and gas for decades, but it will be a certain kind of oil and gas', the Journal quoted Dave Lawler, chairman of BP America, as saying. 'It’s a highly profitable barrel and it’s a responsibly produced barrel.'
https://oilprice.com/Latest-Energy-News/World-News/BP-Plans-13-Billion-Gas-Collection-System-To-Eliminate-Flaring.html

'the BP price is still 301.00 so what does that say? '
To me who was buying at £6 it says, huge relief it is consolidating/ preserving capital, pays a dividend and is pregnant with buyback cash?

Brent over $67 again

While we are waiting, nice source/ charts of energy consumption over c50 years.
Green transition is an evolution, not a revolution.
Buybacks and dividends along the way!
https://www.iea.org/reports/key-world-energy-statistics-2020/final-consumption

My local centre is now vaccinating 35 year olds. Could be all done in 3 months and then a winter flu jab type program I suppose to deal with variants

'Remember you have to remove £7b from the balance sheet that you used to buy them.'
I guess BP already reduced its balance sheet on the long term price of oil. And may have to write that back to increase capital/ net assets ?
We know oil is (at least this qtr) $65. So net, its likely the SP will increase to match EPS/ PE etc on buybacks.
Management clearly think BP is undervalued and the buybacks are to take advantage of this in a rising market.
Looney thinks there is a green future but he is not throwing the baby out with the bathwater hence the transition 20% 'green' capital investment now rising to 50% 'green' capital investment in 2030.
It becomes clearer qtr by qtr and the signs are this qtr is a good qtr. We are now in April (qtr 2) and the price of oil is c$67, so q2 looking positive confirmation also..

2020 Statutory accounts say
'Future dividends will be dependent on future earnings, the financial condition of the group, the Risk factors set out on page 67 and other matters that may affect the business of the group set out in Our strategy on page 15 and in Liquidity and capital resources on page 306.'

Page 306 says
'The dividend is determined in US dollars, the economic currency of bp, and the dividend level is reviewed by the board each quarter. The quarterly dividend was reset to 5.25 cents per ordinary share per quarter as part of a wider distribution policy announced in August 2020, and is intended to remain fixed at this level. The total dividend distributed to bp shareholders in 2020 was $6.4 billion (2019 $8.3 billion). This dividend was all paid in cash as shareholders no longer have the option to receive a scrip dividend in place of receiving cash. Included in the distribution policy is a commitment that, once net debt reaches $35 billion and subject to maintaining a strong investment grade credit rating, at least 60% of surplus cash will be distributed to shareholders through share buybacks.'

And the latest RNS confirms the share buybacks.

So 'fixed' at 5.25 cents dependent on future earnings, the financial condition of the group etc..

'where is the additional demand / growth going to materialise from ?'
More of the worlds population participating in the global economy. China etc and growing asian/ emerging markets. This will drive the growth while eurocrats dtive EVs to meeting in Paris to agree the % climate accord