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Moniman,
"I agree, Trump is an anarchist just like Putin, if Trump gets in Putin will be marching his armies into Finland, Latvia, Lithuania, Estonia, Poland and the Balkans...The EU will be overrun before they've had a chance to call an EU summit..oh dear!"
I've never read such drivel. The European Union overrun by Putin. Take a cold shower. You must be a Russian/Chinese mouthpiece.
TRUMP, TRUMP, TRUMP.
A weak President of the USA has left the despots of the world Carte Blanche. Guyana owns vast swathes of the most sizeable untapped oil and gas assets in the world. Their neighbour, Venezuela is about to seize 2/3rds of the country. Major conflict could ensue as Exxon and Chevron have exploration interests in the area.
We desperately need Trump back in the White House to bring back some sanity and restore international order.
Jeffrey1979, Who would that be.
A grey man/woman with a balance sheet and no vision. "Business as Usual" like Mr Auchincloss.
Or, A battled hardened Oilman, oily overalls and spanners in hand; brimming with ideas to drive us forward to future prosperity.
I think the markets would welcome a sizable shift in strategy away from Looney's disastrous policy.
Apparently American shale production is at record highs. This happened in 2016 resulting in the Saudis opening the oil taps in response (to try and put shale out of business) and drove the Poo to below $40 . This time Opec are much more disciplined and the planned new year cuts will stabilize and raise the poo to a more reasonable level. BP share price should see a nice bounce in early 24. Fingers Crossed.
We are in desperate need of an early Christmas present to halt this dreary decline. Could the over optimistic dream of £6 By Christmas be gone now. I hope we are reaching our lows of the season before new OPEC cuts kick in next year to give us a Rocket in the new year.
Https://markets.ft.com/data/commodities/tearsheet/summary?c=Brent+Crude+Oil
Financial Times is the place to go for commodities prices. Great charts and layout.
Brent down 1% this morning to $78 as of 07:45 Not looking good this morning.
Looks like Westinghouse have pipped Rolls Royce to build several Small Nuclear Reactors (SMR). Rolls SMR to cost approx £1.8 billion. Westinghouse SMR cost about £1 billion. I've never been a fan of buybacks V dividends. But 1 years buybacks would build 4 Nuclear Reactors and power 4 million homes. If green investment is necessary to show our commitment what better than an energy source available 24hrs day. (Just like Gas Power Stations) unlike unreliable solar and wind.
Well you Looney Lovers (strategy) have been whipping yourselves up into a frenzy during COP28. The announcement of BP's purchase outright of Light Source was met with rapturous applause. I hope Light Source goes on to be an exstremly profitable business which can raise capital independently of core BP and does not become a drain on the oil and gas business.
With regard to Murray Auchincloss automatically being made CEO would be a mistake. Truelly Murray has been an Outstanding CFO and should be congratulated. His presence during Looney's presentations demonstrated his abilities and made him shine considerably. However as the Top Man he is exposed as never before. With Looney's assembled Green Team around him I'm sure he is comfortable, but is he experienced enough to deal with the core business. I'm not so sure. This is why I hope this selection process isnt rigged and honest grilling of the candidates oil and gas experience is a main consideration. May the best man or woman prevail.
Tut,Tut, Meoryou how wrong you are. You write "The top brass only deal after the event". Tel that to the Obama Administration when oil was spewing into the Gulf of Mexico from the Deep Water Horizon Blowout. Did they get on the phone to local BP officials, of course they did. But hapless Heywoods phone must have exploded with such American anger his presence was demanded immediately onsite. His was an example of complete incompetence and was soon replaced by BOB Dudley who rebuilt our reputation over several years.
I agree with Exploration that a new CEO must possess impeccable qualifications and extensive experience in the grass roots oil and gas business. Someone with knowledge at all levels and commands respect in the Boardroom.
Dr Patience,
"Egon Zehnder will be under the radar, confidental stuff. Very very expensive, but probably the best you can get"
What exactly is the process here. Obviously it was announced by the Chairman that Egon Zehnder have been appointed to find a successor to Looney, but what happens now. Is this a head hunting excersise or will there be some sort of application process. Who would interview successful candidates, BOD members or the Chairman. My suggestion if he is not a candidate is to have Mr Bob Dudley as an interviewer and final arbiter. After All if it were left to certain members of the board they would probably appoint Caroline Lucas.
What with COP28 around the corner, will the share price drift amisly for a couple of weeks. What with the hosts pushing for "Carbon Capture" and the great and good pushing for the demise of oil, it should make for an interesting showdown. King Charles is even tipped to enter politics again with a broken record speech "oil is bad, green is good". Is this time for a oil and gas fightback against a rising tide of gloom. I'm hoping to see if any new technology is rolled out to silence the doomsayers and show the world that oil companies will be around for another 100 years.
Excellent article about the BP electric vehicle charge station at the Birmingham National Exhibitions centre.
Apparently BP are charging over 70p kw. The article states that the break even between petrol/ electric is 25p Kw. It doesn't seem like a wise investment to me. Another example of daft Looney dreams costing shareholders a fortune.
https://www.dailymail.co.uk/money/electriccars/article-12786623/britains-biggest-ev-hub-nightmare-paying-expensive-home.html?ito=link_share_article-factbox
Dr Patients, Meoryou.
"In the aftermath of Looney’s departure, chair Helge Lund favoured an internal hire, but 10 weeks later no preferred candidate has emerged, according to people with knowledge of the process."
So this can confirm that the entire BOD including the Chairman were only looking for a Looney Clone to carry on with his ruinous "Green Policies" from within BP. But did we not have BP employee from America who put himself forward, then resigned when his application was rejected without consideration. Was it that the BOD considered this employee was too Oil and Gas focused. I hope the employment agency engaged by the BOD is not "Green Biased" and will welcome applications who are not necessarily wedded to "Net Zero" policy's. The application process must be made public after an appointment is made to ensue that it is open to scrutiny.
On a visit (wed) to the NEC for the (Motorbike Show) I was directed past the new BP Pulse Station. They have built a drive through Costa Coffee not Wildbean right next door. I thought I would be able to stop for a coffee on my way home and report its usage, on what was such a busy day. Alas the NEC shepherded us all to the furthermost northern carparks. On returning to my car the traffic is directed straight onto the motorway. So I didn't get my Coffee and a look at the new BP Station. I must be missing something as if I had an electric car the perimeter road was closed not allowing me back in the same direction.
Better keep my diesel Quattro. LOL.
Gents,
I think that when Looney exited the company the general consensus of the BOD was that Murray Auchincloss would step up and replace him. The 3 month wait was therefore considered a probation period and to see share holder reaction. I don't believe the bloomberg article that states Auchincloss has shareholders approval. As with any poll if you ask the right people you can steer the result in the direction of your preffered preferences. In this instance the BOD are fighting for their jobs not only the direction of the company. The appointment of a employment agency can therefore be seen in two ways. Either they are going through the motions to be seen to be acting correctly or they know they do not have the backing of major institutional investors. I think its the latter. No one invests for political or ideological reasons, certainly not private investors. I invest to earn the maximum return I can get. A pivot away from the ruinous decisions made by Looney would add billions to our market Cap. A 20-30% bounce would be easily achievable with the appointment of an experienced veteran oilman as CEO.
Meoryou,
As an integrated energy company, bp is very deliberately set up to help on both counts. With three years of delivery and track record – we have increased confidence our strategy is working. And with today’s announcement we are leaning further in. We are growing our investment into our transition and, at the same time, growing investment into today’s energy system. In doing so - we see tremendous opportunity to create value. And it’s what governments and customers are asking of companies like us.”
bp now aims to accelerate the growth in earnings from its transition growth engines (TGEs) while also delivering higher earnings than previously expected from its oil and gas businesses through 2030 - both compared to bp’s previous aims(1).
bp plans to support this growth by disciplined increases in investment over the period to 2030 of up to $8 billion in the TGEs and up to $8 billion in oil and gas. bp is adjusting its target capital expenditure range to $14-18 billion a year out to 2030(2), from the previous range of $14-16 billion. All investments will remain subject to disciplined application of bp’s balanced investment and returns criteria.
bp expects this additional incremental investment to deliver around $3 billion additional group EBITDA in 2025 and is aiming for that to grow to $5-6 billion in 2030. This would comprise an additional $2 billion from the TGEs and $3-4 billon from oil and gas projects in 2030. bp has also raised its oil and gas price and refining margin assumptions(3).