Member Info for MarkGo

BP is progressing with buybacks and reducing debt at the same time. Net debt has been reduced by, at least, a massive 20% in less than a year from $40b to $32b. In fact, debt has been reduced by more than this as will be reported at Q4.

Every one of us has an opinion but I am content to put my trust in Looney and the BOD.
Growing annual dividends, reducing debt, buybacks of a minimum of $4 billion per annum until 2025 and billions invested in the transition, all affordable at $60pb. After the recent drop, Brent is still at $79pb. Opec+ have also stated that they will react to any action taken to manipulate the poo by release of any reserves by, I guess, reducing supply.

Footnote. Biden has mentioned tonight that the US may release reserves of around 30 million barrels over time. The US uses 20 million barrels per day. Game, set and match to Opec+


DYOR

I would also not be surprised if Citigroup are not using every trick in the book, including their financial cloutt, o suppress or manage the SP to benefit the buyback programme.

They are currently buying back approx 9 million shares per day. I wonder what would happen to the SP if they slowly purchased the shares then dumped millions on the market and then repeated the process. !!!

In my opinion, at some future date, there will be a tipping point when institutional sellers stop selling and the $4b per year buybacks until 2025 at least , subject to $60pb, will support multi year SP increases.

I can not see oil pulling back to below $60 in the next few years. Opec+ will not allow that to happen.

Happy years ahead. Patience will be rewarded.

meoryou

Thanks mate. I did not know that ( and many, many other things !) That makes all the difference and totally undermined my attempt to look clever !!

So you are definitely a long term holder. I hope you ( me me ) continue to be rewarded in months, years to come as BP shareholders. I am optimistic we will.

Have a great evening.

MarkGo

dicklaw68

No problem. Not much we did not already know but positive to read all the same.

I only started investing BP in 2021 and see this as a long term hold. I wonder if anyone who invested in BP in 1996 thought the same.

14th Nov 1996 BP SP 327. 21st Nov 2021 BP SP 327

I guess 25 years of dividends makes all the difference.

Have a great day.

https://www.nasdaq.com/articles/bp-looks-an-attractive-investment-bet-right-now%3A-heres-why-2021-11-19

I'll meet you all here this time next year and how we will laugh.

Keep the faith.

Bigbadbaz

Hi mate, absolutely no offence taken from your post. The truth is my timing does stink but I am more relaxed today, invested in BP, watching this farce play out on the market.

I am so confident that this over reaction, or shake out, will rectify itself in time.

Good luck and a great weekend.

MarkGo

Bigbadbaz

Hi mate, my timing stinks ! . However, this time I intend on remaining invested through to 2025 and possibly beyond.

BP should have 25 gigawatts of renewable energy together with a Oil and Gas business by then and that is where I see the real growth coming from.

Good luck Crystalball

I have seen this as an opportunity to top up a further £10k. In the short term there will be some turbulent days with the Oil price being manipulated by politicians and traders but this is is the same company that was 360 a few weeks back.

I am also happy that approximately 9 millions buyback shares will be cheaper today than yesterday.

Covid is a minor issue now and will make no difference to the global recovery and oil and gas demand going forward.

Contrary to your view, in my opinion this is a good time to invest. I made the mistake of selling out on BP and sitting on the sidelines, watching BP's SP rapidly climb. My mistake, this time I intend on remaining invested for the medium to long term and content to wait to be rewarded as the transition progresses.

LBBW RAISES BP PRICE TARGET TO 410 (360) PENCE - 'BUY'

Only posted as further proof of improvement in sentiment towards Beep.

Both houses will be back under Republican control after the mid terms in my opinion.

They only need a gain of one seat in the Senate and a gain of five in the House of Representatives and the dislike of the Democrats after only one year is at record dissatisfaction levels, maybe paving the way for the return of Trump in 2024?

The 2022 United States elections will be held on Tuesday, November 8, 2022. During this midterm election year, all 435 seats in the House of Representatives and 34 of the 100 seats in the Senate will be contested

Smithy

Thanks for your posts. Great, thought provoking reads at 3am. At 3am Brent recovery now 82.5.

Have a great day.

Laowai

Thank you for that informative post. I guess Biden is desperate to be seen as attempting for do something for the american working class due to the growing discontent with his presidency from his electorate. That discontent could see Mid term elections in 2022, just around the corner, return power, in both houses, back to the Republicans with Biden left a zombie President unable to fulfil his neo-Socialist agenda.

"supposed to be sub-six sigma often arent"

Smithy mate. Any chance of a "supposed to be sub-six sigma often arent" for dummies explanation version ?

Selecta6

Thanks mate. I have had my doubts, and moans, with BP in the past when my focus was too short term with hopes and expectations of a faster recovery to pre-pandemic levels.

I sold out completely at one stage to bank some profits, with hindsight, this was an error. I am now reinvested and convinced that the business strategy will reward patience.

"Long old haul here" You are right, but the rewards progress in the transition could bring are well worth the wait in my opinion, with a dividend every 13 weeks to boot.

Have a great evening all.

MarkGo

Biden will lose any battle with Opec+. Watch out for another shambolic retreat and withdrawal.

U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace

Read more at: https://www.bloombergquint.com/markets/record-spr-crude-leaves-u-s-gulf-coast-as-biden-mulls-release

Courtesy of and thanks to gwatson56:

Thousand Barrels 30/10/20 - 60,931 29/01/21 - 48,702 30/04/21 - 46,326 30/07/21 - 34,900 29/10/21 - 26,416 These are the number of barrels held in the US Strategic Reserve at Cushing New number out tomorrow (reported weekly). I read that there needs to be a certain amount in the reserve for normal operation ( circa 20,000 is mentioned by analysts ) Looks like Biden might not have as much of an option if he is to release oil. Perhaps gasoline though API just reported a 2.792 Million Barrel draw week end 12/11 alone. The only thing that has been mentioned is the blend of gasoline is changed for a limited time to increase throughput to the market. Looks like the US are in a bit of a corner on this one. I would expect POO (brent) to breach $90 within weeks.

https://www.newsweek.com/shell-bp-among-bidders-new-oil-gas-leases-across-2700-square-miles-gulf-mexico-1650458