The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Tinker, moralizing is for Politicians. The war in Israel is horrendous, as is the war in Ukraine. But when the wars are over life goes on. Hopefully the perpetrators can be brought to justice. This company knows only too well the folly of following moralizing politicians when abandoning Rosneft. Profit is money in shareholders pockets.
Dr Patience,
An excellent quote. "A fish rots from the head down". It is a perfect way to describe the management of BP and the current Board of directors. As you so writely say we need a complete clear out of the current BOD and the appointment of a new CEO who will restore our core asset base and return investor confidence. That way we can go someway as to return shareholders value. This article posted by meoryou is nothing short of a job application and detailed CV. Murray Auchincloss may be an outstanding fellow and great accountant but in my opinion he is part of the problem, not the solution. BP's new CEO must not come from the current BOD or anyone tainted by them. He/She must be oil and gas industry focused to return value and side line most of this green nonsense.
Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. The portfolio mix continued to improve with liquid production growth from Guyana and the Permian, offsetting lower natural gas production from divestments.
Just shows that Exxon is an exceptional company. They are powering ahead with oil and gas production and looking to Net Zero compliance with Carbon Capture technology.
Has Looney got it wrong. His legacy is a company producing circa 1.12 million barrels per day whilst diving head first into net zero commitments (solar and wind) that in some instances have been considered foolish in the extreme.
Meoryou, stop spreading BP propoganda.
"Results day 2 nd May 28 th April sp £5.34 ( Monday was bank holiday)"
Share Price 3rd May £4.87 A drop of 40+ pence. So the results day dont always have a positive bounce to the share price. LOL
Spights, the problem is that Murray Auchincloss recently stated (if my memory is correct) that production levels would be capped at 2022 levels. From my earlier posts that suggests only 1.1 - 1.2 million barrels per day. There is the argument regarding quality not quantity, but overall it is rather alarming.
Meoryou the figures are easily obtainable from STATISTA.
2017 2164000
2018 2090000
2019 2096000
2020 1992000
2021 1852000
2022 1120000
BP barrels of oil per day. I can't see where Rosneft provided 1m barrels per day. Perhaps 750,000 at best. The list shows our decline which started under Looney's tenure. This needs to be addressed ASAP.
This report states the oil demand is back to pre-pandemic levels. That's good news. What is not is that Pre Covid BP produced 2 million barrels per day. Post Covid BP produces 1.2 million barrels per day. That's a staggering drop of 40%. The current Board are gas lighting shareholders. We desperately need a new CEO to reverse these cuts and increase share holders value.
It is exstremly tempting to bank a profit, and us beleaguered long time shareholders have been on a wild ride since Looney became CEO. However his green splurges may now be extremely tempered by a new Boss.
I noted recently that Auchincloss said that BP would keep oil production at 2022 levels. That is approx 1.2 million barrels per day. Pre Looney BP produced 2 million barrels per day. You can do the maths. Already our value collapse compared to our peers is significant. We were always valued at approx 4-1 with shell. That puts us at approx £7.00
There are significant value increases to be easily achievable by a new CEO as long as he refocuses on core oil and gas. This share has a lot more to offer.
Although this has nothing to do with BP, can I just say how disturbing it was to read some members Posts over the weekend with regard to the conflict in Israel. Terrorist attacks can never be tolerated and the slaughter of innocent babies obscene. Imagine if that was your family, would you want revenge or justice.
Happyinvestor100,
A bit harsh but I totally agree with your sentiment. we cannot have business as usual, nothing short of a total clear out of the boardroom is required. We must return our focus to core oil and gas not Green Rubbish an Net Zero.
MarkGo,
The question is why we are only worth half of true value and why are we considerably marked down against our peers. The answer, confidence.
BP has has a CEO in Looney who went rogue and committed to 40% reduction in revenue production. Who could invest in a company that splashed the cash around like confetti on every green fantasy. A company has to be led by a rock solid CEO who the markets have faith in. Hopefully BP board will fill our vacancy with a dedicated oilman. We can then rerate to a better premium.
Cheers.
STATISTA.
The following are BP reserves and daily production in 000's
2020.......10,661.......2,106
2021.......10,124.......1,951
2022.......3,997.........1,214
These figures are frightening. I know we lost a lot of reserves with the loss of Rosneft but we lost 60%. This probably is in line with Looney's strategy with production in two years down 40%.
If the above figures are correct they need to be rectified immediately. This is an enormous reason why our next CEO must be a Seasoned Veteran Oilman, someone who can quickly reverse our decline.
Cheers.