Member Info for romaron

Nest Sharia Fund

MICROSOFT 7.8%
APPLE 7.3%
ALPHABET 5.5%
AMAZON.COM 4.3%
JOHNSON & JOHNSON 2.6%
EXXON MOBIL 2.6%
NVIDIA 2.1%
PROCTER & GAMBLE 2.0%
VISA 1.9%
TESLA 1.9%

Maybe it's just me but they are mainly government officials paid through our taxes or employed by local councils and paid through our Council Tax. They don't seem to have a lot of faith in the UK economy. Certainly not in BP.
We pay them and they invest overseas. I'm not against that but it just seems a tad hypocritical.

Once again we've got a fringe outfit gathering some activists and making a big show against possibly our most important company. I'd never heard of Follow This before and they are just disruptors imo. From their webpage they did something similar to Shell and needed 5 million Euros in shares to table one.
They are minority holders but want to run the company. It stinks.

Nest Higher Risk Fund

APPLE 2.3%
MICROSOFT 1.9%
ALPHABET 1.2%
TAIWAN
SEMICONDUCTOR
MANUFACTURE
1.0%
AMAZON.COM 0.8%
TENCENT 0.6%
SAMSUNG 0.6%
TESLA 0.5%
UNITEDHEALTH 0.5%
JOHNSON & JOHNSON 0.5%

Nest Ethical Fund

APPLE 3.3%
LINDE 3.0%
THERMO ELECTRON 2.5%
MASTERCARD 2.2%
ACCENTURE 2.0%
METTLER TOLEDO 1.8%
ROPER TECHNOLOGIES 1.8%
BECTON DICKINSON 1.8%
SCHNEIDER ELECTRIC 1.7%
ASTRAZENECA 1.7%

They want to dictate to BP how to run their company. They've got more front than Southend Pier. I haven't got the time to go through their stats but helpfully they list their Top 10 Holdings.
Retirement Fund
APPLE 2.1%
MICROSOFT 1.8%
ALPHABET 1.1%
AMAZON.COM 0.8%
BERKSHIRE HATHWAY 0.6%
TESLA 0.5%
UNITEDHEALTH 0.5%
JOHNSON & JOHNSON 0.5%
TAIWAN
SEMICONDUCTOR
MANUFACTURE
0.5%
JP MORGAN CHASE 0.4%

just got back so missed the BP AGM but apparently had a lively start with 5 interruptions in first 20 minutes. I just caught the closing minutes and the resolution 25 got 16.75% of the votes. If anyone has the percentage holdings of the 5 left leaning pension funds they (imo) need to be deducted from the figure because I consider that as a given and politically motivated. We know most people don't really give a toss and I personally don't know a pensioner who'd vote for reduced dividends or encourage speculation against a proven money-winner.

I thought the same too Dumbly. It was straight out of the Farage instruction manual and I did think long and hard before posting. I'm married to a first generation immigrant and have a range of friends. I'm going to a wedding of a Jain friend in June and I'm still not sure if he's winding me up by saying I need to wear Indian clothes with visits to a pal whose father {p.o.w. of the Japs and smashed down Jack Dash the docker's leader with an axe; now there's a story] came from the Cayman Islands. I have zero problem with people's religion, sexual orientation or race but I also don't want them to proselytize to me. Like many here I got in angry confrontations with old friends over Brexit and I image Independence caused a fair bit of division in Scotland. I posted because of the simplistic way Labour are presenting their "solutions". I couldn't help but think of when Rodney won the competition in Fool's and Horses to go to Spain. Del had entered him into an under 14's competition and a 6 foot plus individual who needed to shave stood out among the other winners. It is happening with asylum "shoppers" regularly claiming to be 'children'. They're called shoppers because they are already in safe France. They are hard decisions to make and most of us are glad somebody else has to do it but the truth is we are a small island and the infrastructure and economy cannot support an open border. Regarding Norway I imagine they're looking across at us as a test case and may be frying pan/fire. Interestingly Follow This want Helge Lund removed as chairman of BP and he's Norwegian.

I'm interested in the spin off from the BP AGM. They [BP] don't think NS so at least it will indirectly highlight the misunderstanding around the impact of EPL and the fantasy "profits". Unfortunately I'm gonna miss the webcast live but I think it will create fall out.

One late thought. BP are only responding in this way because it threatens their overall profits. They actually aren't that interested in the North Sea and the bulk of their profit doesn't come from the NS. It is because they are based here. I hope they are threatening both parties with leaving.
No wonder the stock market portfolio of UK stocks is derisory in percentage terms by the international funds.
In fact EnQuest and others could also say that BP doesn't represent the remaining NS producers.
I can live with self-interest but the transition is being hijacked and that is the only way forward. They want the switch to happen in an impossible time frame.
BP doesn't speak for us because fossil fuel wise for them the NS is the past.

The objection is Resolution 25 and has been requisitioned by a group of shareholders coordinated by Follow This
https://www.follow-this.org/our-story/

BP Board recommends that you vote against resolution 25.

You can find Follow This's supporting statement quite easily as you can the response by BP.
In short BP do not support the resolution because
1. it is unclear
2.it encroaches on the board's responsibility and accountability for the company's strategy
3. it is simplistic, and
4. it is disruptive.
BP then goes on to explain the points in greater depth.

PYUECK - dealing backwards and gloating isn't a good look. We all know what a clever sod you are winning the black swan award. Happy now?

The five pension funds - Nest, the Universities Pension Scheme, LGPS Central, Brunel Pension Partnership and Border to Coast - are concerned that the new targets put BP financially at risk as the company's fossil fuel projects are likely to lose value as the world moves towards net zero emissions.

LGPS stands for Local Government Pension Scheme. The others are too except for the University. I imagine that within their organizations they have pretty close ties with the Labour Party. Keeping Councillors onside is always a good idea and it is much easier to get representation from that direction than to get elected to Parliament or even as a local Councillor.
I imagine the majority of those using these pension funds are unaware of the infiltration and motives of those handling the funds and their distribution. In the old days pension funds were more interested in returns and companies making a profit.

There is an important vote today at BP's AGM. They are backtracking on their commitment to Net Zero according to activist shareholders. It looks like you can watch it live online. Timed for 1 p.m.
The Norwegian Chairman's reelection is being opposed and there is another resolution for BP to be more ambitious in its climate objectives. Simplified they are being forced to follow the instructions of Greenpeace, Extinction rebellion and Ed Miliband. Five pension funds are supporting them in their quest the biggest of which is NEST. NEST sounds like its run along aTrade Union's strike committee lines so no surprise there. Big on "ethical" funds and as you know 1 share means you can attend and disrupt if that is your intention (it happened at an EnQuest AGM c.2016).
There is still no established pathway to Net Zero but outsiders think they know best and are dictating to the majority of shareholders.

This is a very important vote.

https://oilprice.com/Energy/Crude-Oil/3-Reasons-Why-Oil-Gas-Is-Goldman-Sachs-Favorite-Sector.html

Nicked from a post by FatSam on Harbour. Encouraging except for the fact EnQuest is based in the People's Republic of Great Britain.

If Labour get in they will reverse the illegal immigration bill with something "better?" (last night Stephen Nathan Kinnock, Shadow Minister for Immigration). Whilst I have sympathy for refugees I was surprised how many Sudanese have British passports and a poor command of English. Could it be they were once refugees fleeing persecution? Maybe, but they obviously felt it was safe enough to return back 'home'. Things turned sour and it was our responsibility to get them out. Other European countries in 'the same boat' (sorry, couldn't resist). Non-doms however are not welcome.

At least Maggie had economics on her side when we stopped mining coal from deep mines. It was far cheaper to import and it went on for decades. Labour are firmly aligned with Extinction Rebellion and juststopoil in their aims. They have speeded up the exit of the industry from the North Sea due to a lack of investment and draconian taxes with worse to follow promised if they are the next government. Keir Starmer has been consistent in his attacks on the industry abetted in the capital by Sadiq Khan. My brief interreaction with Labour and the Mayor confirms the above and includes the Public Order Bill. Rosebank will never happen but we are happy to replace it with more expensive LNG with 4 X the emissions: source Fergus Ewing SNP.

US PE of 6.7. This from googling UK PE of the sector: "Current Industry PE
The industry is trading at a PE ratio of 5.5x which is higher than its 3-year average PE of -3.4x." source Simply Wall St.
Yep, the previous 3 year average was a minus. What a reward the EPL was!

Shale was the 'cheaper import' equivalent in the O&G industry but that is now waning but given a boost by Europe's (and the UK) decision to close the industry down in the North Sea and rely on imports from the US and the Middle East. They like the UK at the moment but the present US administration likes Ireland even more.

I wonder what voters in the UK really think?

Hang on M - surely you're not suggesting that the Norwegians are more pragmatic than us? Don't forget we had an Empire once.
Joking apart the results of the Local Elections will impact (4 May) and Labour are expecting to do well. Then there are the climate activists who are actually helping the industry now. The Public Order Bill will soon be passed and I had to look this up. There will be SDPO's issued (Serious Disruption Prevention Order) and the public want them. Then an outside chance of tinkering with the EPL (see TimTimebomb Tue 15:18). There's a lot depending on events that are out of the control of any of us or our political masters. I'm not enjoying seeing the share price down here but currently immigration is sucking up all the air politically. They aren't really looking at us. Every utterance is to attract votes for the Local Elections. Labour are playing to the gallery and we are portrayed as "baddies".
Things will improve later in May I expect. If we do get any help it will be politically timed.

When we abandoned coal mining and threw the miners under the bus we were moving towards cleaner North Sea gas. There was also the added incentive that foreign imports of coal were much, much cheaper.
That is not the situation today. Renewables and gas are much closer in price whilst foreign imports (LNG) are up to 4 X as expensive. Oil is misunderstood and is baked into many goods without even discussing fertliser and cement (try rebuilding Aleppo or Mariupol without it).
Oil is priced as though we’ll all be driving EV’s on ever cheaper electricity. Forgetting grid problems it ain’t gonna happen for decades, if ever.
We are making money in oil and gas but not investing. What government is happy to import the same product more expensively when they could use the revenue from a still healthy industry?
Labour will use the EPL to make the NHS work, really? Even the most die-hard supporter will question this approach. Then of course there is the built in problem of an abandoned or taxed to death industry losing the revenue that the NHS partly relies on.
The military will insist on keeping our own energy supplies because they really do understand what ‘Energy Security’ means.
What really excites me though is the idea of last man standing and compound interest. A hero of mine is Rodger Dudding. He picked up cheap lock-up garages when nobody else was interested and now has a property empire. You don’t buy assets when they’re sky high or glamorous. EnQuest knows all about ugly ducklings and will be one of the winners. BP and Shell have gone. They really are International oil and gas giants. There’s plenty left for a company our size.
As for compound interest I think we’re going through the almost opposite. Soon we’ll pay people to buy our products if this insanity continues. It cannot. As with bonds priced at (say) 10p in the pound [Ineos was once] that assumes you’re shortly to go into administration. If you’re gonna be around 7 years from now then that’s the bond you want to BUY and not Shell or BP. We are priced equity wise similarly to a distressed bond except we’re making money; lots of it. Once we start paying dividends the price could stay where it is for all I care but we know it won’t. I'll live off the income.

I could go on but for the next months it is all about poilitics. Unless they warm towards us the Funds will and capital investment will stay away. The numbers work for EnQuest.

We know the reason we are here and it is EPL. We also know that supporting climate change is a given for politicians if they want to be elected when in actual fact it isn't at the top of the majority of voters concerns. They {voters] are FOR saving the planet in the same way they are FOR world peace. Most don't really care but the energy crisis of last summer did make excess profits for O&G companies. The public were not told that many had a string of losses in previous years but the situation helped both major parties. An easy target that was flush with cash. The media joined in the condemnation of producers of fossil fuels.
Then there is the lag between the lower prices we are seeing being reflected in the utility bills that the public pay. Maybe it's time to demonise the electricity suppliers as we are told renewables are multiples cheaper?
The Treasury know that it is actually needed is a transition that matters as do the majority of energy ministers and advisers [Ed Miliband is a climate emergency zealot and incompetent imo]. They know it will be more difficult, possibly impossible without the assistance of the UK O&G industry. However, political expediency made the industry a political football.
Even today at PM QT Keir Starmer told Rishi Sunak "he could stop the handouts he is giving to oil and gas giants". I would like to know what these handouts are? Specifics and facts now take second place to a slogan or search for a headline. Naturally non-doms were brought up by Labour. It seems they wish to drive talent and investment away.

*following the Uplift report and damage to DANA I emailed an ex BBC journalist who attended COP 26. This is the reply I got: "Hi dad - happens all the time but doesn't mean it's good of course. As you said - not my area of interest. Working on far more important stories."

Kinda sums it up.

Dumbly - I agree. I think Matt Han**** probably has more integrity. The only plus is if the tide turns in our favour Shapps will go with it. He is a lightweight but loyal and self-serving.

Just stirring the pot. We all know that Roger Hallam the founder of Extinction Rebellion was driven to it and gave up on his social agenda because of neoliberalism (me neither I had to look it up) but what about his successors in the space. They seem to come from a wealthy background and probably know more about investment or their friends and parents do. What if they were aware of the report being released and shorted a few North Sea oil stocks earlier this month?

I've only googled/twittered a few and picked 3. They may or may not be true and come from right leaning sites (no I don't follow usually) but haven't been removed.

Eddie Whittingham "student" who sprayed orange on the snooker table; son of a venture capitalist, mother a dentist.
Inigo Rumbelow who as Petronella Woodbine Longlanley flew over 18,000 miles to Nepal.
Phoebe Plummer the Van Gogh soup stunt. Alumna of St Mary's Ascot. A snip at £35k-£55k a year.

Class warriors - don't make me laugh. I'm a class warrior - a working class warrior (retired).

Thanks steelwatch and we all saw it didn't we. Not in the "public domain"? It literally went viral in our community.

I have the original. I will volunteer to Dana and OEUK that I was obviously swayed by the report and among the many investors who have lost money because of it. I imagine a few others on here might be in the same position. Please only tick this post if:
(a) you lost money
(b) you would be prepared to be part of a class action against Uplift

and we'll see how much interest we garner. No objection if this message is shared with other message boards.

mrc have you seen this: the BBC already taken it down . I didn't take a screen shot so the original has gone or has it?

"24th April 2023: This article has been temporarily withdrawn after concerns were raised about the accuracy and interpretation of the data provided to the energy campaigning group Uplift by the offshore oil and gas regulator, OPRED."

You obviously have contacts. You may have started a sh*t storm.