Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
HOUSTON: Energy company BP has appointed ARKO executive Ross Parman as head of U.S. media affairs and external communications.
Parman’s appointment comes as BP faces pressure from an activist investor, London-based hedge fund Bluebell Capital Partners, to ditch pledges to cut oil and gas output. BP has promised to cut oil and gas production by one-quarter by 2030.
Parman, who is reporting to J.P. Fielder, VP and head of U.S. communications, replaces Megan Baldino, who is serving as BP's head of corporate communications, according to her LinkedIn profile.
Parman said in an emailed statement that BP is “assembling an elite public affairs team,” and that he’s excited to be a part of an organization that’s “rapidly transforming and investing more than half of its capital in the U.S.”
U.S.”
“I am particularly excited by the mission of operating as a simpler, more focused, higher-value company that is transitioning from an international oil company to an integrated energy company,” Parman said. He could not be immediately reached for additional details on his new role or who he replaced.
Before BP, Parman served as VP of investor relations and government affairs at fuel-station operator ARKO, according to a BP statement. In April, ARKO attempted to outbid BP for fuel-station company TravelCenters of America. BP ultimately closed the $1.3 billion acquisition in May.
Earlier in his career, Parman was director of communications for Altria, the parent company of Philip Morris U.S.A. and the nation’s largest tobacco company. There, he was responsible for communications initiatives across the enterprise, including regulatory and government affairs.
What BP brings to the table is more significant than ever for European energy security. In mid-February, BP (as the key player in the Shah Deniz consortium) flipped the switch on its Shah Deniz 2 gas development in the Caspian Sea with first production.
This massive project, offshore Azerbaijan, currently has a production capacity of around 79 million standard cubic meters of gas per day (29 billion per year).
Late last year, Azerbaijan said it was on target to double gas exports to Europe by 2027, having exported over 8 billion cubic meters of gas to Europe in 2021, and with 12 billion cubic meters targeted for 2023.
Last summer, BP signed a long-term LNG supply deal with Austria’s OMV (VI:OMV) in bid said to help improve European energy security in the aftermath of Russia’s 2022 invasion of Ukraine.
BP is banking on being a key player in the European energy security game, now, and the only thing dampening this outlook right now is the Biden Administration’s move in January to pause new LNG projects in the U.S.
This stock has been beaten down, but there may be new headwinds.
Earlier this year, BP said it was refocusing on its oil and gas business, particularly its U.S. operations, where it is one of the two largest producers in the Gulf of Mexico, and carries its own weight in the Permian basin and other American shale patches. In fact, by 2030, BP is targeting an increase of oil and gas production by more than 50%, with about half of that production to come from the U.S.
BP share price still does not reflect this, which indicates a potential buy-on-the-dip (in this case, a long-running dip).
Couple of thoughts
1) at that salary ,you can see why even if he didn’t really want the job,why he would decide to take it.
2) I have said before there should be some direct relationship between a company average pay and the top people’s pay
Not sure what that relationship should be , but they have become very disconnected
3)personally don’t think a bonus should ever be more than your basic and definitely not several times your basic.
4) hope he earns it by finally getting the sp moving.
Https://seekingalpha.com/article/4676456-bp-deep-dive-into-us-e-and-p-subsidiary-bpx
Https://www.nasdaq.com/articles/bp-makes-bullish-cross-above-critical-moving-average
Https://www.energyintel.com/0000018e-0696-d02b-abee-a6b75f6d0000
Afternoon
Been busy in garden doing diy
And for anyone interested, may be seeing the first sign of deflation in the building trade.
Slabs that were £10.68 six weeks ago
Now only £8.68.
Not sure if that translates to any stock picks or housebuilders..
I am 100% certain it won’t be much help to BP.
But we are slowly climbing the sp mountain again.
The below if it turns out to be true is very bullish
“They also noted a change in the methodology that the EIA uses to estimate oil production, which may well have led to a serious overestimation of production growth. The discrepancy between actual and reported production, Goehring and Rozencwajg said, could be so significant that the EIA may be estimating growth where there's a production decline”
Https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Could-Surprise-to-the-Upside-This-Year.html
If I’m honest I did make a windfall, as I was lucky enough to have funds available at the covid lows.
But since the rest of my BP shares are still underwater from before covid, it feels more like a rebalancing,especially with the changes in capital gains and div tax.
Many were not as lucky as me with no spare cash to reinvest at the lows.