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Https://royaldutchshellplc.com/2025/01/19/shell-and-the-art-of-unholy-greed-bps-fumbling-ceo-faces-judgment-day/

Hi Jakers

If only Bob was available.

The all green is bad shareholders always forget the BP started its green journey under Bob.

Lightsource BP started under Bob ,as did onshore US wind farms,

Even BP Bunge started under Bob.

But I think Bernard gets all the blame for Offshore wind

Https://www.thisismoney.co.uk/money/markets/article-14299445/D-Day-looms-BP-boss-oil-giant-trails-rivals.html

“ The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, after a 5-rig drop in the week prior.

The total rig count fell by four rigs, to 580, according to Baker Hughes, down 40 from this same time last year.”

Not what you would expect if “ drill baby drill” was going to start in a few days.

Unless they are waiting on some incentive from Trump to drill.

But still I don’t see it happening

Https://oilprice.com/Energy/Energy-General/US-Rig-Count-Falls-in-Strong-Week-for-Oil.html

I’m sure there will be some reaction due to Trump headlines , but think it will be short lived

In the main agree that OPEC controls oil not Trump

Major oil and gas player is to axe thousands of jobs as it is "focusing resources on highest-value opportunities" amid a raft of halted ventures.

BP has said it will cut 4,700 jobs across its global workforce and 3,000 contractor roles after it stopped or paused 30 projects since 2024.

The company did not disclose how many people were affected per country, but the reductions amount to just over five per cent of its 90,000 worldwide employees.

BP has about 14,000 UK workers. Around 6,000 of those are based in petrol and service stations and will not be affected by the cuts.

Chief executive Murray Auchincloss announced the redundancies in an email to staff.

He wrote: "I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams.

"We have a range of support available, and please continue to show care for each other, be considerate, and keep putting safety first - especially during times of change."

BP said the cuts were part of a multi-year plan to make savings across the business, and that there may be more reductions this year and beyond.

Mr Auchincloss added that the job losses "account for much of the anticipated reduction this year".

He said the company is "focusing resources on our highest-value opportunities" and that it has stopped or paused 30 projects since June 2024.

The reductions come as the London-based energy giant tries to bring more digital capabilities into the business, with artificial intelligence increasingly playing a role in engineering and marketing operations.

Mr Auchincloss's memo said that about 2,600 of the contractors involved in the job cuts have already left the business.

He continued that the company is still "uniquely positioned to grow value through the energy transition".

"But that doesn't give us an automatic right to win. We have to keep improving our competitiveness and moving at the pace of our customers and society."

In October, its worst quarterly profits in almost four years.

The 30 per cent decline during the three months from July to the end of September was expected as demand for oil has slowed amid lower global economic activity, particularly in China.

Underlying replacement cost profit, BP's preferred measure, of $2.3 billion (£1.77bn) was in fact slightly better than the $2.1bn anticipated by analysts.

The results were still BP's weakest since the fourth quarter of 2020 when the industry was hit by the Covid pandemic. The group reported a net profit of $2.8bn in the second quarter of this year, and $3.3bn in the third quarter of last year.

Https://www.bp.com/en/global/corporate/news-and-insights/energy-in-focus/castrol-liquid-cooling-for-data-centres.html

Jakers

I keep saying this is the most important year in BP history.

Just like after the oil spill.

Get it wrong BP will not exist .

And neither will most of their jobs

A lot of poster not happy with the BOD.

Will you be voting against them as they come up for renewal?

Think there is more discontent now than last time we were in the £4.s

Theaky

Having had a bit of time to think about it.

I am hoping it’s a realistic targeted approach,and not just Financial people as leaders wanting to drop the head count.

The bottom line must always start with safety.

We await a bit more meat on the bones

Some the job losses may be due to joint ventures ( eg offshore wind), or after taking on 100% of BP Bunge and Lightsource BP.

I did read last week that they would struggle to increase oil and gas ,because the laid off to many engineers last time

Used to be job cuts would be an instant pop in sp.

And I mean meaningful not just a few pence.

At the moment it seems the story is already written for BP, until ,BP starts writing the narrative.

Jakers I tend to agree.

If anything the company is in a better state than it was last time it was above £5.50.

Most of the damage is hopefully in the rear view mirror.

We could

1) be taken over

2) have an absolutely fabulous new 5 year plan

3) have an oil price consistently above $80.

4) or just more of the same bumbling along.

So it that a 75% chance of upside ?

I love that last paragraph.

A judge has dismissed New York City's lawsuit seeking to hold Exxon Mobil (XOM.N), opens new tab, BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change.

In a decision on Tuesday, state Supreme Court Justice Anar Patel said the city could not claim its climate-conscious residents were sensitive to how fossil fuels cause climate change, only to then be duped by the oil companies' failure to disclose how their fossil fuel products contributed to it

Trading statement on Tuesday contained several negatives, according to the analysts at US bank Citi.

Refining weakness was obvious, says the US bank, given the comments from its peers but was compounded in BP’s case by high turnaround activity.

The second weakness was a revaluation of inventory values from the Bunge acquisition while thirdly there were forex losses.

As a consequence, Citi has cut its fourth-quarter net income forecast to US$1.4 billion from US$2.3 billion but left its longer-term forecasts unchanged.

One positive from the statement is that net debt does not look to have built as much as we had anticipated through the Bunge and LightSource acquisitions, helped by higher divestment proceeds and implicitly, we think, a material working capital release.”

Alliance News) - Iraq and London-based oil major BP PLC are set to finalise a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

The mega-project in northern Iraq will include plans to recover flared gas to boost the country's electricity production, they said.

Gas flaring refers to the polluting practice of burning off excess gas during oil drilling. It is cheaper than capturing the associated gas.

The Iraqi government and BP signed a new memorandum of understanding in London late Tuesday, as Prime Minister Mohammed Shia al-Sudani and other senior ministers visit Britain to seal various trade and investment deals.

"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.

Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.

"The agreement commits both parties to sign a contract in the first week of February," he said.

Ghani noted the project will also target gas flaring

Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic metres of gas in 2023, according to the World Bank.

The Iraqi government has made eliminating the practice one of its priorities, with plans to curb 80% of flared gas by 2026 and to eliminate releases by 2028.

It's not just a question of investing and increasing oil production... but also gas exploitation. We can no longer tolerate gas flaring, whatever the quantity," Ghani added.

"We need this gas, which Iraq currently imports from neighboring Iran. The government is making serious efforts to put an end to these imports."

Iraq is ultra-dependent on Iranian gas, which covers almost a third of Iraq's energy needs.

However, Teheran regularly cuts off its supply, exacerbating the power shortages that punctuate the daily lives of 45 million Iraqis.

15 January 2025: Pfizer Inc. ("Pfizer") refers to the announcement published on Pfizer's behalf on 14 January 2025 (the "Launch Announcement"). Capitalised terms used but not defined herein shall have the respective meanings given to them in the Launch Announcement.

Further to the Launch Announcement, Pfizer has sold 700 million ordinary shares ("Ordinary Shares") in Haleon plc ("Haleon"), at a price of 357 pence (approximately $4.36) per Ordinary Share, raising gross sale proceeds of approximately £2.50 billion (approximately $3.05 billion) (the "Offering", and such Ordinary Shares in the Offering, the "Sale Shares"). Settlement of the Offering is expected to occur on 17 January 2025, subject to customary closing conditions.

Pfizer will receive all of the net proceeds from the Offering, subject to customary closing conditions. No Ordinary Shares are being sold or issued by Haleon in the Offering, and Haleon will not receive any of the net proceeds from the Offering.

As a result of the Offering, Pfizer's total interest in Haleon will reduce from approximately 15.0% (as of the date of the Launch Announcement) to approximately 7.3% of Haleon's issued ordinary shares with voting rights.

J.P. Morgan and Morgan Stanley are acting as joint global coordinators and joint bookrunners (the "Joint Global Coordinators"), HSBC, BNP PARIBAS, Mizuho and UBS are acting as joint bookrunners (the "Joint Bookrunners") and BofA Securities, Deutsche Numis, Goldman Sachs International and Loop Capital Markets are acting as co-managers (the "Co-Managers", and together with the Joint Global Coordinators and the Joint Bookrunners, the "Managers") for the Offering.

Pfizer has undertaken to the Managers not to transfer or dispose of any of its remaining equity securities in Haleon for 60 days from the date of settlement of the Offering, subject to certain exceptions and waiver by the Joint Global Coordinators

See RNS

Net Debt in the news quite a bit lately.

Can any of you knowledgeable people.

Confirm how the spill payments are treated.

Since they are a liability are they part of net debt.

Because obviously if they are net debt will drop by $10 billion towards end of oil spill payments.( 2033).

Thanks

Analyst Doug Leggate of Wolfe Research maintained a Buy rating on BP (BP – Research Report), with a price target of $50.00.

Doug Leggate has given his Buy rating due to a combination of factors influencing BP’s current and future performance. Firstly, despite the company’s recent trading statement aligning with the lower industry margins set by its peers, BP’s earnings per share estimates remain stable, suggesting resilience in its financial outlook. Additionally, the company’s lower net debt is a positive indicator, even though it includes acquired debt from its recent consolidation activities.

Furthermore, Leggate sees BP’s long-term production outlook as strong, with potential to exceed its targets by 2030 without asset disposals, providing a solid basis for future growth. He also identifies an opportunity for BP to shift its focus from share buybacks to reducing debt, which may enhance shareholder returns. These factors collectively support his positive outlook on BP’s stock performance.