Member Info for mrc_mrc_mrc_mrd

https://www.reuters.com/business/energy/us-oil-gas-rig-count-falls-first-time-six-weeks-baker-hughes-2021-06-04/

Oil rigs flat.

Perhaps Muir has run the slide rule over the deals and flagged up some issues?

It is a massive red flag making these fluffy announcements. Perhaps they did have a deal that was promising and close to being inked? Perhaps it has fallen through?

What I would say is that if you are going to tell shareholders all of this then you need to either deliver on the promises or communicate again when schedules slip.

It shows poor judgement at best. As I’ve said another possibility is that there was another goal - placing? deflecting criticism / placating angry shareholders? If that is the case then they are treating shareholders with contempt

I’ll be honest I find this whole EV thread bizarre. EVs are irrelevant as far as Enquest is concerned. They will displace petrol cars in Europe in the next decade but globally it is further out, and demand growth in other areas will compensate for any drop due to EVs.

Ammu - charging infrastructure is now a focus of the likes of BP. It’s already quite possible to run an EV as a local run around (which is most journeys). More dependable charging points, and ever improving range will make EVs work for all in the UK. It will be the norm to buy an EV in the next 5 to 10 years in the UK.

Pelle - thankfully we have taken back control and both UK gov and Scottish gov are supportive of maximising oil and gas extraction. I can’t see that changing - there are just some additional cost burdens to green up existing and new developments through CCUS and electrification.

Enquest have plenty tax credits anyway.

Personal opinion is that the worst we will see tax wise is global carbon / emissions scheme.

Easily mitigated by some electrification and CCUS which we need to do anyway to keep our nose clean with the ESG police.

It’s not that simple.

There need to be carrots and sticks for all sectors of industry and society. That is why this focus on big bad oil is so foolish.

Wants to join the $70 fun I think!

Might see breakout later

Chilting - ok so it is just your personal incredulity.

They manage to ship them new so I don’t see how it is any different. And of course plants will be built wherever there is demand. I would imagine the UK could support a recycling plant.

Chilting - your assessment is based on what exactly?

It sounds like the argument from personal incredulity!

The manufacturers seem confident and they have 10 years to scale up.

Chilting - of course people have thought about it.

EV batteries can be used in other applications at the end of their useful EV life.

Manufacturers already recycle: https://www.bbc.com/news/business-56574779

“Nissan, for example, is now reusing old batteries from its Leaf cars in the automated guided vehicles that deliver parts to workers in its factories.”

“Volkswagen is doing the same, but has also recently opened its first recycling plant, in Salzgitter, Germany, and plans to recycle up to 3,600 battery systems per year during the pilot phase.“

“Renault, meanwhile, is now recycling all its electric car batteries - although as things stand, that only amounts to a couple of hundred a year. It does this through a consortium with French waste management company Veolia and Belgian chemical firm Solvay.“

AA - we have had all the trappings of a strategy launch and rebrand for a while now! Just need to see some actual progress...

IMHO they have a poor strategy. Renewables and new tech are low margin currently. The value is in growth in that sector. I don’t think the type of deals they are proposing actually exist in the real world!

Sorry guys but this change is baked in by legislation and commitments from manufacturers.

Yes there will be new problems. These will in turn be solved and progress will be made.

EVs are the future for light vehicles. Decarbonising the grid needs to happen in tandem. If anyone truly thinks we will be putting petrol or diesel in our cars by 2050 they are deluded.

Why would they claim a deal was weeks away? Did they want to pump the SP and get a placing away at a higher price?

Just can’t get my head around it. Completely destroyed what little was left of their credibility in my eyes.

He1 seems to be managing the transfer of wealth from the gullible PI to the major investors. If big holders are selling it probably means the stock is over priced. It will be a very painful drop when it comes IMHO.

It’s true though- these nut jobs have really not thought through the defund oil thesis.

Agreed Modestus - best to hold on to winners if you can IMHO. When I bought in I felt we had a realistic chance of 40-60p within 12 months, and I still think that is possible.

It’s great to have some blue on your profile and it’s very tempting to claim it. That is human nature.

"The stock market is a device for transferring money from the impatient to the patient." -- Warren Buffett.

Slift - it’s a question of timescales- some greed about today but from a very low level. I see a lot of fear here stoked up by doom mongers about the end of the oil industry. Complete nonsense of course but the fear is driving real world under investment.

If you are a day trader then for sure take a few pips when it goes up a few percent. It doesn’t make many rich but a few succeed.

Great, go and buy yourself a few pints with the profit.