Member Info for Charlie156

Dudley increased the dividend in Feb 20, Looney halves it a few months later. Now Looney talks about buybacks that will produce shareholder returns akin to Dudley's payment. How shareholders have suffered the past year not having a CEO of the calibre of Dudley. I notice Gilvary has rocked up at Ineos. It does ask questions of the board, how can you let two titans of the oil industry leave at the same time, to be replaced by a McKinsey clique.

Good to hear treatment charges for the year from 01.04.21 should be 30% lower than the previous year. That should add $5 million to the bottom line, even with adding increased costs using smelters in China and South Korea. Its the most relaxed I've ever heard Nigel, he was almost flirting, the little tinker.

I'm actually snowed under as well spikeyj. I've barely got time to scratch meself.

From the numbers out there you can make a guesstimate at the finances. At the end of Q1 I have cash in the bank at circa $54 million and net debt at $20 millionish.

For a experienced miner to say it's been cold, is embarrassing. They've maintained full year guidance, so Q2 and Q3 numbers should be positive. Let's hope copper remains buoyant.

I see Gilvary has rocked up at Ineos. Letting Dudley and Gilvary leave at the same time was negligent of BP and highly damaging for shareholders. BP lost a lot of credibility when those 2 titans of the oil industry walked out of the door, and the Mckinsey clique walked in.

Taking out a loan last March with markets capitulating and a 2.9% rate was a no brainer for me. My bank still bombards me with loan offers, but two main differences. Markets have recovered and the interest rate has jumped substantially. It was a similar no brainer to decline the offers.

A humdinger of a performance by the trading division in Q1 21 seems to be the main reason behind today's RNS. When the trading division under performs and the oil price drops, the market will be left with Looney's strategy staring it in the face.

Treatment charges at SASA are really eating into its margins there. Capex increased and brought forward to this year, because of higher metal prices. Dividend 57% of FCF, so churlish to complain. Its those treatment charges that are the irritation here.

I believe Dudley and Looney both sit on the board of Rosneft. I know whose opinion they most value.

If Dudley was still running the show, it would be over £4. You have to factor in the 'Looney Tax' of 20%.

I have copper averaging over $8200 a tonne in the year to date(including the hedge). The management is ultra conservative, yet the share price is becoming increasingly volatile, producing trading opportunities that I've taken advantage of myself. It does feel machinations are afoot here. The company is laughably cheap.

Every dollar of Brent, adds or reduces BP's pre-tax replacement cost operating profit by $340 million. Q4 2020, Brent averaged $44.16. Q1 2021, Brent is averaging $58.12 to date. If that conservative differential continues for the rest of Q1, BP's upstream pre-tax replacement cost operating profit improves by $4.75 billion, compared to Q4 2020, given similar production levels.

CAML share price is the runt in the litter. All this talk of a 8p or 10p final dividend is bizarre. With copper over $9000 per tonne, we should be expecting special dividends. Net cash positive soon, there is a time to be prudent and there is a time for rewarding shareholders.

Ozzy52, showcasing his wit alongside his investing nous.

The 2% yield differential with Shell ain't hard to analyse. 1% for strategy and 1% for the 'Looney factor'. The only way I can see Bernard Looney delivering shareholder value, is to make the ultimate sacrifice and jump down one of his oil wells.

This anaemic add on will barely move the dial towards BP's 2030 50GW target. Capex for renewables is $2 bn for 2021, of which Looney has just spent $1.25 bn. At some point BP will have to make a significant acquisition, and the longer they leave it the more they will have to pay. BP's market cap is $72 bn, they'll probably have to pay half of that to buy, for example, SSE. Shareholders will be paying for Looney's grand vision for years to come.

Happy
Give me an ugly CEO with a coherent strategy. I'm immune to his Irish schmoozer act.

Why do analysts give Looney such an easy ride in the conference calls? It's clear that any meaningful EBITDA from renewables is years away while it will continue to sell the family silver in a buyer's market. I'm confused by the Oman sale, it does not fit the high emission, low margin criteria and is pivotal in the transmission to renewables. It is a clear sign that BP cannot find buyers for the assets that it really wants to sell. Looney is totally dependent on a rising oil price, the market doesn't rate him or his strategy. I agree.

My hasty decision to buy back at 231 after my hasty decision to sell at 225, has proved to be a bit err hasty. I need a holiday.