The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The question is have we all been duped.
We have a particular Ramper on this board who bangs on about tightening oil supply with mammoth essays. Then we hear today that week end Sept, fund managers were massively selling leading to a 10% fall in prices.
It makes you wonder where the vested interests are!!!!
Https://www.cnbc.com/2023/10/03/oil-former-bp-boss-says-looneys-shock-exit-came-out-of-nowhere.html
I may be late in posting this article but it is quite interesting. It refers to Mr Dudley saying any new CEO would "likely not" alter the current strategy. That in itself could mean anything as Mr Dudley is a master of diplomacy. But I find it worrying that that the article states that he groomed Looney for the top job. What were Looney's abilities that stood out. Yes a BP lifer, yes he held senior positions, obviously he had charm (especially with his colleagues), but what was the overwhelming quality of the man that said your the one to head a 80 billion company.
What are the prospects of Mr Dudley taking the reins as CEO on a 18 month basis, so he can groom a successor qualified to lead BP. This would steady the markets and return confidence to investors.
With Bob Dudley at the helm and a refocusing on core oil and gas, shareholder value should soar. After all he was in charge in 2018 when BP passed £6 with $80 oil. Where would we be now if he had delayed his retirement for 3-4 years.
Cheers.
Beware the Rampers, Lol.
We have a lot of Mystic Meg's on this board. To move the share price in alignment with the likes of Shell we need to row back on our production cuts and increase the dividend. Our next CEO may prove to be our saviour but for now 530-545 range is pretty good. Is a movement possible at Q3 results ??
Don't listen to this board when making financial decisions.
Planit,
Your post only reinforces the need to move the company headquarters and relocate to a more friendly environment.
You state that BP has on-boarded net zero from government. There has never been a referendum on NET Zero. As shown by the recent row back of net zero policy referring to diesel cars and gas boilers and the conservative bounce, the public dont want it.
Bernard may have pandered to Greenies, but it has to stop. BP's responsibility is to its shareholders not Starmer, Milliband, et all.
Excellent posts.
I have been roundly criticised for looking back to halcyon days by various posters. Even told to get "over it" when referencing the "value destruction" created by Bernard Looney with his CFO Murray Auchincloss. We can only go forward by first evaluating the past. The pursuit of "Net Zero" has been a disaster for BP. The next CEO must be a dedicated and committed "Oilman". We can then return to real value.
Are you lot fluffing idiots. Most investors saw the pandemic but mostly the idiocy of the last CEO through his outrageous decisions destroy the investments and savings of thousands of investors. The share price was driven down by his green obsession costing people hundreds of thousands as investors fled.
And, you talk about a buying opportunity and call yourself a LTH. Absolute.......
WeirdPal,
This share has been massively volatile and underperforming due to Looney's green push. I previously has stated that I wished to have sold at £5,70. But now the landscape has changed with Looney's passing, the sky's are blue and our future bright and prosperous. With the appointment of a new CEO with an oil first attitude the markets will regain confidence and boost the shares significantly. Hopefully a reinstated dividend will also help to put the smile back on people's faces.
Cheers.
Meoryou, Very interesting article.
It demonstrates that exceptional leadership qualities are required from BP's next CEO.
Remember Lord Browne was soundly condemned for a culture of " Lean " by the Judge in the Deepwater Horizon trial. It was alleged his policy which led to cost cutting and reduced maintenance was a substantial factor in the events that unfolded. Deepwater Horizon cost BP over $$50 BILLION.
Bernard Looney has sold oil and gas assets and our excellent chemical business, massively undervalued. Not forgetting working away from Rosneft. How much has Bernard cost us, the final value is still to be determined, but it will be enormous.
So who will be our next CEO. Hopefully someone who has a better track record than some of the last few.....
Cheers.
Meoryou,
I can't see why they would want or need any more oil and gas assets. After all they have some of the lowest production costs in the industry.
Is it more plausible that they may act as a middle man to secure assets covertly for their new pals China. The Chinese are desperate to challenge the American $$$ for dominance on the world stage.
Gingy,
It seems obvious that there is some sort of algorithm at play, that marks us down against our peers. This has been in play since he/him Looney took us so far away from our core base by telling the markets that BP was giving up 40% of its oil production.
Let's hope the next CEO builds confidence in the markets with fiscal responsibility and full speed ahead with oil and gas production.
Cheers.
"Catholic church in Greater Manchester sells it shares in gas giants BP and Shell after 'taking a stand'"
Following on from a poster yesterday.
Their Worships are a bunch of Hypocrites. Funny how their virtue signalling occured only when the shareprice reach recent highs for both BP and Shell. Exactly why their pews have demininishing occupants.
As LongtimeInvestor pointed out yesterday BP shares and Shell were a lot higher in 2018. Indeed after a period of low oil prices, oil rallied to the dissy heights of $80 barrel, and BP share price flew to the magic £6.00 and beyond.
Alas those were the days when we were led by a true blooded American Oilman, Mr Bob Dudley. This must continue as Bernard Looney with his wishy washy green woke agenda has proved, the markets dont like it. Sure dissenting Green Activist voices will scream, the future, the planet, but i invest for a the best return i can get. And right now to maximize shareholder value and guarantee dividends we need a return to hard headed industry knowledgeable veteran oilman to head the company. Not an Accountant.
As I've said before BP employes hundreds of green proffessionals taken on by Mr Looney, there future must be safe guarded but quietly sidelined to concentrate on core oil and gas.
I've argued this point before on this board, but post Deepwater Horizon in the Bob Dudley era our value gap to Shell was allways 4-1. With shell now at £26 that puts BP at £6.50
Following the arrival of Looney and his green push, we have suffered badly from both lack of confidence in his approach and his ability to prove future profitability for the billions spent on green projects. We have also lost Rosneft to our balance sheet which is of massive significant.
I hope any new team will refocus on oil and gas and get that investor confidence back. Hopefully we can then start realizing real shareholders value.
With oil at circa $95 barrel the next set of results should prove to be spectacular.
Cheers.