Member Info for Charlie156

The market is saying Bernard who?

My fear is that if Auchincloss doesn't get the job full time, he'll go as well. The last few conference calls he's looked a bit bored as he's had to explain for the umpteenth time BP's dividend/buyback policy. He's not a schmoozer, and his command of detail is very impressive. He's a big upgrade on Looney.

In terms of management credibility Auchincloss has been carrying Looney. He's the man BP do not want to lose.

BP spent $920m servicing their debt in Q2 23, a $1.25bn dividend and a $1.675bn buyback. The debate about dividend v buybacks shouldn't forget finance costs.

Hold your horses WP. Every $ increase in Brent equates to $340m over 12 months. The $6 increase in Q3 compared to Q2 is 6×85=$540m. If you add that to the healthy increase in RM's over the quarter I'd say the next buyback will increase from $1.5bn to $2.5bn. Finance costs will have sharply risen from Q3 22, so that might knock $250m off that figure

Montara shut in August, that's 200,000 barrels to factor in. 1,000 Boe/d for H2 23.

A JSE RNS should be treated with caution. 14 months this farce has been running, management has been abject. If anyone can grab defeat from the jaws of victory, Blakeley can.

Agree, but no buybacks yesterday on very healthy volume. Bizarre.

I have been unable to clearly hear what the CEO said in yesterday's webcast. If someone could list the salient points, it would be appreciated. Thanks.

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.