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Waiting for the CEO's next 18,000 share purchase. The silence is deafening.
Reassuringly solid.
What exactly has Blakeley got to do to lose his job. This is the man who was awarded a performance bonus for 2022 when the share price lost 70% of its value. He bought the dodgy FPSO, he wasted 3 years on the Maari farce, he's responsible for the abject management response to a minor oil spill, yet he continues to pull in $2m a year.
You keep on offering these guarantees as the share price plummets. One day it will dawn on you, as it has everyone else, that you know SFA.
The results were so-so, but the presentation of those results was abysmal. The shares offer value, but the market credibility and confidence in the CEO are in freefall.
The CEO was not forthcoming at the time about the Covid support that flattered the H1 22 results, yet in the H1 23 results uses it repeatedly to explain the profits shortfall, that reeked of desperation. The CEO's last share purchase was paltry and insulting to shareholders. In the results call he kept using the word confidence with regard to the outlook for H2, I'd like him to demonstrate that confidence with a significant share purchase.
There have been macro events out of the company's control, but that 16% pay award for the UK business really irks. Management surrendered, instead of standing firm..
It's ridiculous the number of times the £60m reduction in Cov 19 support is being used. They're using it a lot more than they did in the H1 22 results. Management here is far from top drawer.
What these results show is, that the UK business could not afford a 16% pay settlement. Poor and weak management.
Keep an eye on finance costs. Net debt Q1 22 $27.5bn, cost BP $664m to service for the quarter. Net debt Q1 23 fell to $21.2bn, BP finance costs rose to $843m.
The oil price, FTSE and cable rate indicate this is worth a trade.
Moy, I guess it shows the importance of the cable rate. If the dollar had strengthened 7% to 1.15, would the share price be sitting at £5.40. I thought Looney recently said he was rowing back from renewable investments with a single digit return. Pulling the integrated energy benefits card is a bit feeble. Are these cruises full of ex BP staff, I picture you sitting round the Captain's table with Brown, Gilvary, Hayward and Dudley talking about the good old days.
The BP share price on 28.03.23 was £5.05, with the FTSE at 7486, Brent $78.56 and the £/$ rate 1.228. Today the FTSE is 7440, Brent $81 and the cable rate 1.31, with the share price at £4.65. The 7% weakening of the cable rate matches the fall in the share price.
Looney making an early obsequious pitch for a knighthood. Lord Looney, don't make me laugh.
they had a few million in metals waiting to be sold at the end of h1, the next dividend is looking like 6-8p($14m-$19m), compared to $23m in h1, and most of the years capex has now been paid for. that, together with the usual higher production in h2, means it highly unlikely cash will be lower at the end of h2, but don't let me stop you ******* in the wind.
922 million shares, buybacks take out 1 million every two weeks. It's going to be a long slog.
Terry, your spreading yourself too thin. The only thing getting diluted, is the quality of your posts.
On June 20, PTAL estimated average production guidance during Q2 23 would be 5% higher than the 17,000 bopd production guidance previously given. I make it over 10% higher.
As a new investor, it seems PTAL has the normal volatility of an oil company, plus the added factor of it all kicking off with the locals. As the company grows, so will the demands of the locals, so I can see the trading opportunities that will arise. Thanks to Sturm for his informative posts.
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.