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Decent Article. The point about RBL type vredit availability is well made. Of course, the real fans of the EPL will consider inability of Cambo to raise funding a big win. No doubt they would prefer the UK to import all of its oil from the Saudis and gas from Qatar.

Although Brent and UK natural gas are up slightly today, US markets are closed. The outcome? - all stocks in the sector trade down. The LSE is no place for any oil and gas stock to have its primary listing.

Do yourself a favour and avoid uninvestable UK energy. This company is being de facto expropriated by stealth by a populist government

Out of interest - can anyone find a rewasonable size oil and gas producer that has underperformed HBR over 1 year? It looks to me like it has pipped Tullow to the wooden spoon.

Anybody seen a link to register for an update call tomorrow?

Actually, the only thing that matters is what a willing buyer is prepared to pay a willing seller. That is the unequivocal rule of price determination. The issue here is that, irrespective of value, there are very few willing buyers. Why is it that XOM and CVX trade at more than double the valuuation of SHEL and BP? Why is it taht the only willing buyer for HBR while UK gas prices were in the stratosphere and Brent was $100+ was the company itself buying back its own shares? And now the company is not buying back, there are no buyers? There are no institutional buyers of oil & gas names in the European markets. ESG trumps fundamentals every time. This company will surely ultimately be taken private by investors that are not swallowing the ESG orthodoxy. Hopefully not at a ridiculously low earnings multiple. But if anyone on this board is expecting the share to achieve fair value while primarily holding UK assets ad trading on a LSE board, they are destined to be disappointed. Final point - this board really could do without the input of the conspiracy theorist/keyboard warrior fringe (Oil, take note). At times it is reasonably sensible, but today was pretty dire.

There are simply no buyers for this on this market. LSE is broken. A simple look my own portfolio paints the picture clearly. US stocks up; LSE stocks of the sme type well down.

This was in reply to a post about Petrobras. Not sure why it was so delayed.

Now there’s a comparable name - also plagued by political risk!

Yes, but Exxon is not a UK producer, so much less political risk, nor is it listed on LSE, so it’s shareholders will see the benefit in the share price.

No doubt it's political risk. If you had the capacity to deploy long term capital anywhere at the moment, would you choose the UK?

It does really defy reason - Uk gas up, Brent up, £ sinking, yet HBR is down. Have the buybacks been propping up a massively unloved stock?

Any HBR M&A strategy should be focussed on diversifying away from the UK.

I actually cannot get my head around how ii or indeed any of their dismal UK competitors are still in business. I expect that they have plenty of sticky legacy ISA and SIPP accounts. But if you compare their dreadful offering to that of Interactive Brokers, they are simply light years away, no matter what you are focussed on - cost, platform, execution, you name it. Like comparing steam engines to bullet trains.

Perhaps, but BP is not so massively exposed to UK political risk

UK political risk discount. US majors trade at double UK majors PE. Shareholders need to start asking hard questions about moving domicile to less hostile environments.

We shall see. The populist cacophony is ramping up and expect it to get louder than it was when they caved and introduced the windfall tax. Very worried about UK political risk weighing on the share price. For all those posting querying why HBR is so undervalued, that is surely accounts for much of the discount.

What discount factor do you apply to take account of UK political risk?

For E&P investors, UK currently has a similar level of political risk to Equatorial Guinea, Angola, etc.