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US commercial crude oil inventories registered a drop of over 4 million barrels during the latest reporting

Total motor gasoline inventories added 1.6 million barrels in the period, with production averaging 9.9 million barrels daily. This compared with a build of 2.3 million barrels for the previous week when gasoline production stood at an average 9.9 million barrels

In middle distillates, the EIA estimated an inventory fall of 1.7 million barrels for the third week of December, with production averaging 5.3 million barrels daily. This compared with an inventory draw of an inventory draw of 3.2 million barrels for the previous week, when production stood at an average 5.1 million barrels daily

Please note just like the Ukraine

It’s the oil supplier who is the bad guy.

Not the companies who make the bombs that are dropped and killing people.

Https://www.theguardian.com/business/2024/dec/23/gaza-war-victims-legal-action-bp-oil-supply-israel

Jakers the article on depletion did say if you pump CO2 down these wells,you can produce for a very long time and recover more than double in %. normal recovery, while being paid to store CO2.

It’s a very interesting development

Jakers

You can find the article by googling

“BP a deep dive into US E&P subsidiary BPX”

It’s on seeking Alpha,and I’ve used this months free read.

Jakers

Someone did a valuation last year,and suggested it had more than doubled in value, ( $22 billion from memory ) despite the fact we have obviously created value by producing and selling oil and gas from it during that time.

As with all valuations it’s only worth it when you sell, but I think it’s probably a good purchase.

They have done quite a bit of CapEx,electric pumps, gas gathering systems,and improved drilling techniques.

But the above valuation if valid does raise major questions about how total company can have such a low valuation.

Https://aogdigital.com/news/520554-the-five-trends-driving-offshore-oil--gas-in-2025

Https://jpt.spe.org/unsung-hero-artificial-lift-boosts-production-without-breaking-the-bank-restricted

Https://oilprice.com/Energy/Crude-Oil/The-American-Shale-Patch-Is-All-About-Depletion-Now.html

Book Titles

BP. Beyond Pathetic ( at least as far as sp goes).

Or hopefully not

BP the fall of a Super Major

Https://oilprice.com/Energy/Gas-Prices/Debunking-the-Myth-of-Oil-Refiner-Price-Gouging-in-California.html

I’m sure this would be very similar in UK.

Maybe we should be putting a windfall tax on the obscene profits Governments make from motorists

Tedmak

I did start off saying they have an identity crisis .

What I am saying is they must manage to unlock value .

The other options is a take over or become less and less relevant.

Exxon said over a year ago, if they found out in future they needed a renewables business they would just go out and buy one.

I do not think it would be BP.

BP certainly have an identity crisis at the moment.

But some of their new businesses are still large businesses.

BP’s convenience offer in US is number 7 .

BP Bunge is huge in Brazil ( where ethanol is used in cars also).

BP Archaea is by far the biggest Renewable Natural Gas in US.

If the Joint venture plan ( like offshore wind),starts to happen and it’s being talked about.

In the main BP puts up what they have and new partner matches with cash.

As WP said just a couple of days ago you would not put it past Looney in his new role coming back to BP to do joint ventures with all his renewable projects.

It would explain why he is there at present( at ADNOC ).

But it may be adding 2 + 2=5

That might start to add( or show value)

Https://www.automotivepurchasingandsupplychain.com/ekoenergetyka-and-bp-pulse-join-forces/

Sorry just reread your post properly this time, and noted it was the actual shares scheme purchases,you were looking for, not the buybacks.

Https://www.bp.com/en/global/corporate/investors/shareholder-and-dividend-information/shares-in-issue-and-share-buybacks.html

Gives the buybacks each year, with 2024 Down near the bottom .

The answer at earnings call could have been clearer

Looking at earnings call

Question regarding the employee shares

Answer says will vest in March 2025.

So are these shares for that or something else?

Thanks Colbee

I had forgotten that .

“The purpose of the second share buyback programme is to reduce the issued share capital of the Company to offset dilution from the vesting of awards under employee share schemes.

The maximum amount allocated to the second share buyback programme is around $0.3 billion for a period up to and including 30 September 2024”

So bought back between sp £4.50-£3.88

Just a guess but maybe the share grant was why buyback last quarter pushed the debt up,and the distribution was moved from 60% to 80%

They did after all know this was coming .

Maybe a little bonus that sp to cancel them is well under £5.

It could have been worse.

Let’s just hope it motivates all the employees to earn us some good profits

Yes div was in Interactive Investor at 8 this morning