Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
After Donald Trumps fantastic results from the Iowa caucus it looks certain that a rerun of the last Presidential Election may be happen in 2024.
Notably in Trumps Speech he triumphantly said "drill baby drill". A feature of Trumps first term was low POO throughout his Presidency. If you look at the charts oil hit $80 In 2018 and averaged $63 throughout 2019. Through this period BP was extremely profitable. Today we are massively undervalued with a depressed share price. The question is are we as healthy today under Murray Auchincloss to survive 4 years of low oil prices. $60 oil could become the norm.
In 2018 The POO touched $80 and BP were at £6.00 those were the days we were led by a Professional Team headed by Bob Dudley.
Today after years of mismanagement and disastrous decisions by Looney and his team we are hamstrung again by this Weak appointment. The BOD probably acted to save themselves as any quality CEO would of wielded the axe.
But yet we must wish Murray Auchincloss well in his appointment as our investments are now in his hands.
If the report is true, the appointment of a recruitment agency to "head hunt" a Looney successor was probably a ruse to placate shareholders looking for a change in company direction.
The Market Reaction tomorrow will be key as to whether his appointment is seen in a positive way or retrograde step.
Meoryou,
It's not Rocket Science. Our historical average to Shell was 4-1.
With shell at £24. Plus........BP should be approx £6.00
Today BP is suffering from Looney's disastrous production cut pledges. -25%
£6.00. Minus 25%........ Today. Approx.....£4.50.
Any incoming CEO must reverse Looney's green pledges to increase the share price.
This is why it cannot be Murray Auchincloss who is committed to business as usual.
OPEC+ Discipline V Presidential Election Year.
I think we could be looking at a very thin 2024. Opposing forces seem to be at work. As the end of Obama's term came into site the frackers started to ramp up production. To compete for dominance & market share the Saudi led OPEC opened the taps and the POO fell steadily through 2015/16 to below $30.
Today with American oil production at record highs how will Opec respond. Their production cuts are having no impact. Do they cut further. In a Presidential election year certainly the politicians are trying to get oil lower to placate voters at the pumps. Will Opec open the taps again and try and force the frackers out of business. There's not a lot to cheer about, just the satisfaction that the BP dividend should be safe at $60.
So should you sell now and hope for an aggressive response from Opec. I wish I had a crystal ball, last time I rode the shares all the way down to £3+.
Good Luck.
Gentlemen, always remember that our share price is being deliberately manipulated by the point blank refusal to reinstate the pre-covid19 dividend. If the divvy was reset to 10.5 cents where would our shareprice be now.
Now what was that Christmas Wish.
Merry Christmas and let's hope a very prosperous New Year.
Meoryou,
I'm so worried about this CEO application process. A merger with Equinor would be a blessing to guarantee a professional oil and gas management team. I think anywhere between £6-£7 should seal the deal. Remember they are also buying debt.
Jezzoo,
I'm disappointed that posters on this board persistently argue that the company direction cannot alter or slightly alter course. Surely the Sunday Times article has reinforced the fact that we has slipped far behind our Peers. Is it not a Company purpose to maximise profit or save the planet. The current strategy isnt working and "Business as Usual" not good enough. Looney himself started to alter course. The iceberg has now come into view and full astern with hard rudder is necessary to avert disaster. Hopefully a new candidate will emerge before we have to man the lifeboats.
MarkGo,
That news doesn't bring alot of Christmas Cheer. I'm still hoping that a candidate with more relevant oil and gas production experience materializes. So all hope is not yet lost.
I wish I had waited. I rushed off to buy "The Times" £4.00 only to find its been posted here.
I think this article only reinforces what a few posters have voiced since the beginning of Looney's tenure. When you look at company performance against our peers the scale of our decline is truelly shocking. The author states that Amanda Blanc may be considered as Chair material. She is an outstanding business women but BP needs a change of direction and her focus is transition and net zero. Below is from the BP meet the Board.
Amanda Blanc.
CEO of Aviva plc
Co-Chair of the UK Transition Taskforce
HM Treasury’s Women in Finance Champion
Principal Member of Glasgow Financial Alliance for Net Zero (GFANZ)
Member, Prime Minister's Business Council
Member of the Association of British Insurers Board
Whichever way you look at it the BP Award Scheme is very generous to employees. So whilst BP employee's wade through bucket loads of free shares, the Company Owners i.e. Shareholders are still having to accept a very much reduced dividend.
Is it not time to fully reinstate the pre-covid19 dividend NOW.
Gingy,
Remember in 2019 oil averaged $63 barrel, the share price was in the range £5.40 - £5.20 and the paid dividend was approx $0.40 cents. All we need is a new CEO with a new approach and direction and BP could re-rate considerably. There is alot of underlying value which can easily be achieved. My preference would be a complete overhaul of the BOD and a slight reversal of some green initiative's.
Quite a few years ago whilst working overseas. One of our American contractors Son said to me when asked about his elevated position in his father's company. His reply; you never pluck your staff, or they will end up plucking you. Seems quite apt.
Clued,
Yes I agree this strategy is completely foolish, but they have done it before. In 2014 American fracking started to really produce large quantities of oil. The result of this was an oil price slide from the $100+ per barrel to under $40 in 2016. The Saudis tried and failed to put the frackers out of business.
Today with American oil booming the world is awash with oil. The only tool Saudi has to keep Opec+ members in line is the threat of opening the oil taps and crashing the market. It is a worrying scenario and hopefully won't happen. Let's hope the new year production cuts do kick in and stabilise the market.
From what I've read it appears that the markets have no faith in the Opec+ unity. They fear that as the Americans are pumping maximum barrels perday the opec planned cuts for next year may not be effective in stabilising the oil price. Apparently the fear is that Opec+ members will fracture and not implement there own quota of reduction. If that happens then Saudi may open the oil taps to regain market share. The result as in 2016 could be carnage in the oil markets.
TRUMP, TRUMP, TRUMP.
Lots of Trump derangement syndrome on display today. One thing is for sure, this time around the American people will get the President they vote for. With the Republicans in charge of the house there will be a fair election. They need to ensure all postal votes must be counted on polling day. Open and fair scrutiny by both party inspection. No under counter boxes of votes, as video evidence has shown. A clear winner announced on the night like the UK voting system.