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Reuters

August 9, 200710:10 PM GMT+1Updated 17 years ago

LONDON, March 30 (Reuters) - At least 13 BP oil traders have left the company over the past week, most of them from the oil major's European operations, market sources said on Friday.

Oil traders in London said around 11 European crude oil and oil products traders had left, with another two traders -- both dealing in distillates -- leaving the company's Singapore desk.

U.S. trading sources said the total number of departing BP oil traders could be as high as 16.

European oil products traders said a number of London-based BP gasoline traders had left to join a Wall Street bank.

They said one London-based naphtha dealer had moved to Barclays Capital, the investment banking arm of UK lender Barclays .

They said London-based crude oil and fuel oil traders had also left BP.

"It's not an unusual phenomenon to have people moving around at this time of year, as it's after the bonus payments," an industry source said.

Trade sources in U.S. cash oil product markets reported that several traders at BP had left to go to other company's trading desks because of dissatisfaction with their bonuses.

I'm sure money lured them away" said one Gulf Coast oil products broker

A spokesman for BP declined to comment.

Https://globalventuring.com/corporate/gareth-burns-bp-ventures/

Https://www.proactiveinvestors.co.uk/companies/news/1040045/bp-may-surprise-with-dividends-despite-weaker-finish-to-2023-1040045.html

It’s a rather obvious point,but even if Tuesdays results look good, it’s the market that will decide.

We have all seen good sets of results recently still get rewarded with a drop ( and not just a BP thing).

Shell results appeared to be reasonably well received , so we can but hope for at least similar.

Onward and Upwards

No it doesn’t.

It shows a very orderly shutdown of units from an unplanned power outage.

It doesn’t even look very dramatic.

People trying to make a crisis out of very little.

Hopefully will restart safely over the coming week

Https://www.youtube.com/watch?v=4oIhZsAR3JM

Staff were evacuated when the refinery suffered a power outage. It also caused large flares of flames and smoke.

The flaring and smoke are the results of safety measures to prevent excess gas buildup in the event of a power outage

Hi LeeRex

It was copied from Shell statement.

Theoretically if they were able to borrow at below 5% and div return is about 5% it would be about neutral.

I’m very against borrowing to fund div or buybacks.

Let’s only spend what we have.

Not sure if I would agree with borrowing to fund Acquisitions even, as it’s only okay if you get it right .

Thanks WP for clearing it up.

It’s always amazing how much confusion a simple div statement can make.

Looks like it’s 4% see below

“ In response to today’s numbers Shell has said it will increase its dividend by 4% as well as commencing another $3.5bn buyback, which looks to be being funded by an increase in net debt to $43.5bn, an increase of $3bn from Q3.”

Https://lightsourcebp.com/news/lightsource-bp-host-second-event-with-new-energy-business-school/

Https://www.energyintel.com/0000018d-5b70-d576-ad9f-5b7a2b2d0000

Https://www.bp.com/en_gb/united-kingdom/home/news/press-releases/viking-ccs-project-awards-front-end-engineering-design-contract.html

Https://www.reuters.com/markets/commodities/british-regulator-awards-24-new-north-sea-oil-gas-licences-2024-01-31/

Morning Mark

Quiet day at the office?

The battle for the future path of BP has now really started.

The first shot obviously was the appointment of Murray.

Which gives an indication of the path the board expects to go.

Shareholders of BP have a wide range of ideas of the future for BP, but they all have in common an expectation to make money from their investments.

Many have highlighted the lack of progress in last 5 years on sp.

BP still makes lots of cash, the renewable part of the business being self funding must be the next step, but is years away yet.

Https://renews.biz/90908/lightsource-bp-sells-294mw-italian-pv-portfolio/

Https://oilprice.com/Energy/Energy-General/BP-Taps-Cutting-Edge-4D-Seismic-Tech-to-Survey-Azerbaijani-Oil-Field.html

It’s possible that the early rises in sp from the covid lows, were supported by debt reduction, buybacks and rising oil price.

Maybe the debt reduction part was quickly forgotten.

I have said before I think buybacks have to be about 10 million shares a day to really push up sp ,any less although obviously supporting sp in some way, do not seem to do much more than provide minimal support.

And just to make sure it’s obvious I am not asking for buybacks to go back to this level.

I personally think some move on div is now due( perhaps not the full reinstatement, )but 10- 20% with a reduction in buybacks to balance.

By this time next week we will know so much more

Still does not make sense for someone to pay double for shares that are available to buy on open market.

Even someone stake building would never pay that at the start of their campaign.

BP can buy 5 million shares a day and hardly move price.

There must be fraud of some sort.

Personally would not touch it

It appears on different boards periodically.

They must access the share register to target people.

If it sounds too good to be true.

It’s fraud.

See poster below