Member Info for meoryou

Well love them or loathe them that’s the second day of the buybacks , and the sp still went down.
The joys of being a BP shareholder

My take from that is there is still a working relationship, but eventually it will be sold.
So far we seem to be out of Putins thoughts , hope we can keep that way

Despite oil giant British Petroleum's high-profile announcement that it would exit its shareholding in Russia's state Rosneft and its joint operations there, the UK supermajor does not seem to be quickly winding down operations, sources tell Energy Intelligence, and neither are its Western peers.

BP has not initiated any procedures to withdraw either from its interest in the charter capital of Rosneft or from the shareholding in the pair's joint ventures, according to sources close to Rosneft shareholders.

"BP remains a shareholder in Rosneft and continues to interact with its Russian partners within the framework of the acting shareholder agreement," a source noted.

In a written response, BP reiterated its February 27 press release, saying it will exit its shareholding in Rosneft. "We are pursuing that and we don't have an update."

The international major also reiterated that "the two BP-nominated directors on the Rosneft board are resigning, with immediate effect from Feb. 27."

Those are BP's current and former CEOs, Bernard Looney and Bob Dudley.

However, both are still named as Rosneft's directors on the company's website.

Sources in Russia told Energy Intelligence they wouldn't be surprised if BP proposes candidates — possibly with Russian passports — to stand for election to Rosneft's board at the annual shareholder meeting in June. The list of new candidates must be approved by May.

Joint Ventures and Oil Purchases

BP has also continued to engage with Rosneft on certain joint operations.

In addition to the Rosneft stake, BP has interests in three joint ventures with Rosneft: 20 per cent in Taas-Yurakh Neftegasdobycha, 49 per cent in Kharampurneftegas and 49 per cent in Yermak Neftegas.

BP's Russian subsidiary, BP Russian Investment Ltd., notified Rosneft on March 11 about the removal of its previously nominated member to the Kharampurneftegas board of directors, Stephen Raymer.

But BP replaced him with another BP nominee in Afgan Huseynov.

BP declined to comment on the change of its Kharampurneftegas director when approached by Energy Intelligence.

However, in its written statement to Energy Intelligence, BP reiterated that it "will also exit our other businesses with Rosneft in Russia — this includes the three joint ventures".

Hi Mark I have read in several places that as long as oil increased by at last 5 dollars , this covered the Russian side of BP
Since the Rosneft announcement oil is up at least 10 dollars and often much more.
Still think the Rosneft thing will be resolved when the time is right , so we will get something, perhaps just not full value at 100 dollar oil prices

Hi Mark
I can feel the positivity from here
Must be the result of a good holiday
This board has been really quiet lately
It’s nice to have your positivity back .
Glad the buybacks have started backup , but typically for BP buybacks start and goes south.

It’s effectively 30 days from stop of buybacks to midstream acquisition that does not look like coincidence .
It would have been nice if someone had told us

I wonder was the reason for the pause the completion of the acquisition on
BP midstream’s ?
Maybe some rule to stop market manipulation of sp during closing an acquisition?
I know that used to be something that was often done in the past, during takeovers.
So suspect that it’s now illegal.

Enso
On the past two years performance £1 per year would not be impossible.
But being conservative say 50 p for 7 years .
That gives you a range £7.50 ish to £11 ish
Personally I would expect it to be further from the bottom of the range , and nearer the top.
BUT I still think currently we should be much nearer £5 so what do I know

Spights
I think it would have to open up £2 on the day or I think we would have sold some shares long before it got to £7 ( I would certainly reduce a bit at £5-£5.50)
But I am sure one day £7 is definitely possible.
Time frame ????

Oh calm my beating heart it’s only Barclays again.
One day finally one day they will be right

Enso and Zac
I think the two of you show the real strength of this site.
Both of you tend to be evidence based.
Enso has been monitoring the shares for a while and I have quoted his figures before in reply to questions as it’s easier than reinventing the wheel each time..
The fact you have both agreed gives me confidence that you are both correct.
Thanks for your contributions

Theaky All I am quoting is Seeking Alpha it’s all there.

The company just got bigger it just acquired someone and used shares to acquire it . So you would expect more shares.
The BP midstream partner shareholders were getting 10% div so they lost out.
The whole deal for BP was very positive

I would also add it was announced last August so should not be a surprise to anyone , when it completes

Gary
They floated at 18 dollars and bought back at 13-14 dollars.
The only reason it was floated was tax break, the only reason they bought back was tax break taken away.
The money from the float payed debt or financed buyback ,depending on how you look at it.
They have to offer shares to take it back into BP ownership.
They didn’t need to do it but saw some advantage to taking it back into BP ownership, and they made a profit on deal

Thanks for that it was quite interesting.
It’s amazing how much business as usual is still going on in BPs oil industry.
Think the whole Rosneft thing has allowed BP to really have a long think of where they want to be , and start to only divest if it’s in their interest , and at times of high crude prices
I’m sure the Rosneft thing will be resolved when the time is right as it can stay in limbo until something happens( whatever that turns out to be).

Thanks that’s roughly what I thought , and BP has some catch up to do

Theaky
I don’t follow Shell but am I correct in saying BP and Shell slashed div around the same time , and since then Shell have reinstated more div than BP ?
If I am correct hopefully if BP start to move realistically on div we will see us power through the £4 s and up to £5.
I have gambled last 2 results days that div might be repositioned and bought more shares prior to each. Will do it again this time , when div strategy changes this will fly
IMHO

Theaky
I would love to be able to hear you report back from an outing paid for by profits from BP .
Very simple when it works for you , it will work for me .
After £5 a share I will definitely take some off the table . and there are plans already there to spend profits, it’s only £1.25 or so I am missing , before cashing some in .

And also allow shareholders who wish to take their div in 16 oz steak ,delivered by Uber eats , and they can also be hooked up to the National Grid.