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Morning Jakers

Would be good to see the debt drop a bit since that is one of the things the market is using against us.

At some point we will know the value of disposals this year,which look like being well above £10 billion including Castrol.

BP must be significantly undervalued to be able to sell that much from a market cap of £63 billion.

And still leave a huge company left..

Have a nice day

Personally my view is as a stock exchange listed company.

We should not be allowed to do deals for a non disclosed price.

Some will know,so it’s not a level,playing field.

The information should be available for all.

It was said somewhere ,that more financial information regarding disposals will be available with the results.

So why not now.

State-owned Oil and Natural Gas Corp on Thursday signed a strategic Memorandum of Understanding with bp plc to collaborate on drilling stratigraphic wells in India’s Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal.

Strategic Partnership

This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India’s long-term energy security, the company said.

Bp today announced that it has agreed to sell its US onshore wind business, BP Wind Energy North

America Inc. (bp Wind Energy), to LS Power, a leading development, investment and operating

company focused on the North American power and energy infrastructure sector. After close, bp Wind

Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy,

increasing its operating fleet to ~4.3GW.

bp Wind Energy has been marketed as an integrated business, with its experienced workforce

expected to transfer to the new owner on completion of the deal. The business has interests in 10

operating onshore wind energy assets across seven US states, operating nine of them. The assets

have a combined gross generating capacity of 1.7GW (1.3GW net to bp). All wind assets are grid-

connected and are already providing power to over 15 off-takers.

The deal is part of bp’s focusing of its low carbon energy portfolio, prioritizing investment choices

whilst delivering value for shareholders.

William Lin, bp EVP for gas & low carbon energy, said, “We have been clear that while low carbon

energy has a role to play in a simpler, more focused bp, we will continue to rationalize and optimize

our portfolio to generate value. The onshore US wind business has great assets and fantastic people,

but we have concluded we are no longer the best owners to take it forward. I am pleased we have

reached a mutually beneficial deal with LS Power and I look forward to working with them to support

our people in maintaining safe and reliable operations as we transition ownership.”

LS Power will add bp’s US onshore wind business to an existing fleet of renewable, energy storage,

flexible gas and renewable fuels assets, which comprise a 21GW operating portfolio and more than

780 miles of high-voltage transmission lines in operation as well as another 350+ miles currently

under construction or development.

Paul Segal, CEO of LS Power, said, “We are focused on a holistic approach to advancing American

energy infrastructure that includes improving existing energy assets while investing in transf

We seem to be firmly into the battle between “Surplus oil “. and “what oil surplus”

Both sides coming out with their side of the story again today.

Since they cannot both be right, for this year.

I do feel that this story is starting to get close to resolving one way or other.

Will the surplus start to show in 4 th quarter as predicted.

If not it should be very positive for BP.

Revision of API Data Shows Much Smaller Crude Inventory Build

Editor’s Note: While the API initially reflected a huge crude build, Reuters data released shortly after painted a starkly different picture, indicating a U.S. crude inventory build of 800,000 barrels, with Cushing up 100,000 barrels, gasoline rising by 1.9 million, and distillates up 800,000.

( updated on oilprice.com)

Https://oilprice.com/Energy/Crude-Oil/Global-Oil-Consumption-Reaches-All-Time-High.html

Https://www.ainvest.com/news/angola-gas-bonanza-bp-discovery-reshape-african-lng-global-energy-security-2507/

Just to add refineries use a large volume of Hydrogen often produced from natural gas.

It’s set up near a BP refinery where BP will be first customer and then you can scale up as more customers hopefully come onboard ( by adding modules)

The power will come from wind turbines in the North Sea.

It allows BP to decarbonise some of their processes.

They must hope that local industries join,but it’s all about price.

Hydrogen was a great hope,but it may depend how much government want it to succeed.

For some unknown reason £4 has been a very hard number to break and stay above on the way up.

It usually takes multiple attempts.

If it happens quickly it never sticks.

So slowly slowly catches monkey.

And hopefully nothing negative from Trump

The money has already been sanctioned,the build has started,so it’s spent.

So now would be a very good time to find some customers.

The jury is out on hydrogen,but BP need it in their Refinery so they are customer number one.

Oil major BP is about to launch a hydrogen open season to assess market interest among buyers for green hydrogen, which will be produced from a 100MW project it is currently building at its refinery in Lingen, northwest Germany.

BP ultimately intends to tender offtake contracts for “renewable liquid and gaseous transport fuels” from the project, which will be compliant with the EU’s rules on renewable fuels of non-biological origin” (RFNBO), ie, green hydrogen and its derivatives.

Delivery would be made from the second half of 2027, with the option to secure volumes via the GET H2 hydrogen pipeline network, which forms part of Germany’s 9,000km “core” H2 network

CAPE TOWN, July 12 (Reuters) - Azule Energy, a partnership between BP and Eni in Angola, discovered gas in its first gas-specific exploration well off the country's shores, the national oil and gas agency ANGP said late on Friday.

Found in block 1/14, the Gajajeira-01 well drilled in the lower Congo Basin encountered gas and condensate-bearing rock, with preliminary estimates suggesting gas volumes could exceed 1 trillion cubic feet and up to 100 million barrels of associated condensate.

"This is a landmark moment for gas exploration in Angola," Adriano Mongini, CEO of Azule Energy said in a joint statement.

"The Gajajeira-01 well is the first dedicated gas exploration well in the country and its success reinforces our confidence in the potential of the Lower Congo Basin."

The block is operated by Azule Energy (35%) in association with Equinor (30%), Sonangol E&P (25%), and privately owned Angolan company Acrep S.A. (10%). (Reporting by Wendell Roelf; Editing by Hugh Lawson)

Https://www.ainvest.com/news/bp-q2-upstream-surge-catalyst-energy-sector-revaluation-strategic-gains-2507/

As usual the headline writer seem to be only focused on the negatives

But an up,opening is a start

Let’s hope the market is pleasantly surprised,and realises that BP is not the basket case it thought it was.

Think we have done better than some others

Reported upstream productionb in the second quarter is now expected to be higher compared to the prior quarter, with production higher in oil production & operations, primarily in bpx energy, and slightly higher in gas & low carbon energy.

• In the gas & low carbon energy segment, realizationsc, compared to the prior quarter, are expected to have an impact in the range of $(0.1) to (0.3) billion, including changes in non-Henry Hub natural gas marker prices. The gas marketing and trading result is expected to be average.

• In the oil production & operations segment, realizationsc, compared to the prior quarter, are expected to have an impact in the range of $(0.6) to (0.8) billion, including the production mix effects and the price lags on bp's production in the Gulf of America and the UAE.

• In the customers & products segment, compared to the prior quarter, results are expected to be influenced by the following factors:

◦ customers - seasonally higher volumes and stronger fuels margins.

◦ products - stronger realized refining margins in the range of $0.3 to 0.5 billion. There was a significantly higher level of turnaround activity. The oil trading result is expected to be strong.

Other items:

◦ Net debt at the end of the second quarter is expected to be slightly lower compared to the end of the first quarter.

◦ In other businesses & corporate, the underlying charge is expected to be similar to the prior quarter.

◦ The second quarter results are expected to include post-tax adjusting items relating to asset impairments in the range of $0.5 to 1.5 billion, attributable across the segments. These items are treated as adjusting items and excluded from underlying replacement cost profit.

a All impacts influence bp's underlying RC profit before interest and tax, unless stated otherwise.

b Includes bp's share of production of equity-accounted entities.

c Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.

Trading conditions

Brent averaged $67.88/bbl in the second quarter 2025 compared to $75.73/bbl in the first quarter 2025.

US gas Henry Hub first of month index averaged $3.44/mmBtu in the second quarter 2025 compared to $3.65/mmBtu in the first quarter 2025.

The bp RMM* averaged $21.1/bbl in the second quarter 2025 compared to $15.2/bbl in the first quarter 2025.

WTI CMA* vs WCS, lagged 1 month averaged $10.01/bbl in the second quarter 2025 compared to $13.03/bbl in the first quarter 2025.

One reason to keep shares in treasury could be an all share acquisition.

You buy them back,so that when you need them for your acquisition there is no dilution ( or at least you go back to where you were).

Not suggesting any acquisition planned,and it would be just as easy to do it with cash and miss out the whole share buyback in the first place.

But with a rising. sp it might make a saving.

We did an all share buyback a few years ago of our BP Midstream Partners.

Cant find any info ( undisclosed).

If you search service stations for sale anything from £200,000 each to £1.2 million depending on what they have.

Tried the Turkey sale of service stations last year but again undisclosed .

It also includes the charging network and associated fleet charging business.

So maybe between 1/3 rd and 1/2 billion pounds total.

But could be higher if there were more motorway type service stations,but the reason for sale was cost to upgrade, so unlikely to be a lot higher.

But really really do your own research,as it’s a guess estimate.