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My god that is a terrible article. No sources instead just a generic “Whitehall gave permission”. Utter tosh just to secure clicks off the back of Wednesdays news

My skeptical side tells me this is an Elliot plant. Not a coincidence it was WSJ who published the story.

Either a warning shot to the board and other shareholders to show them how much the market would value a takeover or a chance they are dipping and wanted to get out with their noses clean.

Did this drop in the media after UK close?

Was on a flight and got messages from three different people about this 😂

Tomorrows open will be brutal, back to the 3.50s we go

The 50 virgins don’t sound too bad

Leave the martyrdom at the door though

We need bp to reduce debt and refill its O&G reserves for the SP to come back into the same stratosphere as Shell.

Proving they are a competitive place for the pension funds of this world to allocate capital in. Short term spikes in oil will do bp no long term favours.

Blows my mind we’re nearly at $80 oil and bp is under £4.

Market knows there's barrels available to cover any disruption in Iran supply, what isnt being priced into the bp share price today is any major disruption event to shipping lanes or attacks on ships. All a risk premium now but if Iran block the strait of Hormuz or start attacking US bases or oil installations that indicates a prolonged conflict, higher oil prices for longer and the SP will move.

All eyes on Irans reaction now

Pales into insignificance when innocent lives are being lost. Hopefully the situation is de-escalated quickly.

And who's on the board of XRG?

https://xrg.com/en/our-leadership/Bernard-Looney

This is a v weird oil market.

Seeing headlines about shorts having to buy to cover their positions

about OPEC+ returning barrels with 3x continuous production hikes

2m excess capacity in the wings

Record amounts of LNG coming oboard to 2030

US production stalling as Shale becomes uneconomic

Iran tensions

EU sanctioning russia further and further

Hard to keep up

RPT I agree, the relative strength shown by brent since Apr 2nd, despite OPEC increases should get energy equities moving upwards, at least for a bit of short term relief.

Currently -14% on my GIA holding here. So it may be a long old hold till when I'm back in the black. Easier to stomach when all equities dropped post Apr 2nd, but the opportunity cost of not having the liqudity to pile into the market hurts.

Que sera

0828 GMT - BP continues to expect that half of its target to boost free cash flow 20% by 2027 will be achieved in 2025, Citi analysts write. The analysts attended investor meetings with the energy giant's finance chief. The boost is due to better operational performance of the Whiting refinery, a full-year contribution from its biofuels division Bunge, and some cost-improvement gains, they write. This improvement is likely to be weighted toward the second half of the year, the analysts add. Shares trade up 0.2% at 359.35 pence. (adam.whittaker@wsj.com)

0806 GMT - BP's sale of Castrol is now in its second phase and the U.K. energy company has signed a number of nondisclosure agreements with interested parties, Citi analysts write. The analysts spent a day with BP's finance chief Kate Thomson in investor meetings. BP might launch the sell down of LightSource BP by the end of the second quarter, they add. The company said there is a credible pathway to hitting debt-reduction targets in 2026 via asset sales, they say. Shares trade up 0.2% at 359.35 pence. (adam.whittaker@wsj.com)

I actually pulled out of my 2027 sharesave so I could max this years (2028) one. Suspect a few others would have done the same thing as the strike price is so much lower this year.

Lets see how long goldman take on their summer hols!

In all seriousness, I imagine this scale of transaction would take 4-6months. Highly prized asset with lots of interest, wont close quickly I imagine.

Would ignore any headlines re Castrol until at least September - any early bids will be below valuation as people just want to see who they are up against in the process.

Just dug into the 2024 FY databook they publish on bp.com for investors. Castrol generated $684m in 2024 RCOP. An $8-10bn valuation on this seems a little rich but lets see

Not sure how they’ve determined who gets cut tbh, such a beast of a company it’s hard to even speculate on the impact when they do an about turn on strategy.

Luckily I’m safe for now, but it seems inevitable that one day the axe will fall my way and I’m preparing myself the best I can for when it does.

Lots employees across the business losing their jobs right now as a result of the announced job cuts.

Some naturally at the end of their careers but most cut as teams reorganise and roles eliminated. Luck of the draw really

Ouchy

Jefferies on Monday downgraded its rating on British oil and gas company BP (BP.L) to hold from buy and decreased its price target to 3.90 pounds sterling from 5.50 pounds.