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what are you smoking doubleorquits? have you seen bps's trading conditions update, or the fact in 2 months we'll be heading into winter, with energy prices only increasing. Recession is being pumped by media, yet the airports are full of people going on holiday..

I think your point here can be countered by the market is always more fearful than it actually should be, we got caught in a bear rush yesterday, even if there is a small recession people seem to have forgot the govts spent 18months printing record amounts of cash. There isn't a liquidity crunch out there and supply will only tighten for everything you mentioned. we'll back up to £4 soon and this msg will be forever forgotten, so ce la vie

Russia isn't directly benefiting from O&G prices, its more nuanced than this. Russian oil is trading down at historic levels vs. brent. Sourcing oil from Russia is becoming more and more expensive, although they are still benefitting it isnt like for like vs brent. https://www.ft.com/content/dc93a656-5305-4642-9bc5-6922e33faa06

Demand for Russian oil has collapsed as refineries, banks and shipowners shunned the country’s vast commodities market. Energy Aspects, a consultancy, said 70 per cent of Russian crude was “struggling to find buyers”.

As a bp employee I have to say that I am immensely proud of the boards decision to exit our Russia activity. This was a material part of our income and they have put this to one side for the matter of basic human rights. Mr Looney has his critics from 'oil business traditionals' but again he has showed his moral compass is strong and displayed true leadership in very difficult times.

and how do you expect to fund the shift to renewables if bp double shareholder payouts? it seems like this is very much the new norm for all majors, get used to it or find a new investment

There's no reason for it to be £5, this is an income stock that had its divi cut in half. Why would it return to its highest levels with half a dividend? do you even understand investing?

How different this board is today vs. a year ago. People were calling for looneys head, saying Shell would acquire bp. Jokers.

As I said back then, the cash machine is in full swing and bp wouldnt get acquired. I personally divested personal holdings from bp at 340p due to a house purchase (also hold considerable amount in share plans so wanted to diversify risk). But happy to see those make a small mint from days of mid-250s and below. Capital appreciation and dividend was always the play here.

Why aren't those same people calling for bp to be acquired or looneys head now?

"why didnt we use all allotted buyback cash at £3?"

Not sure what you mean by this question, either you mean:

1) why didn't we frontload this quarters buyback? The intent in buybacks is to spread them so you don't artificially increase the price and raise SP volatility over a short period of time. No one could have predicted a 20% increase in SP over 3 weeks. Certaintly not when the sale schedule was announced at Q2 results.

2) Why don't we spend all the money planned on buybacks when the SP is low? Buybacks are an output of quarter by quarter financial results and will only be performed using excess cashflow, if certain conditions are held/met.

This wont reach 500p again until they reinstate the dividend to former levels. I'm bullish on bp at these levels but a rise to £5 will only be driven by shareholder returns

Divi has been cut in half and supply is being artificially inflated, I'm not being greedy as headwinds are still here before returning to normality. This has traded in a range for 6-9 months and expect it to dip again on news of gas price slowdowns, oil crunch easing.

Maybe, I've closed my position completely on this rise, I do think we'll reverse from here but by how much I don't know. I have enough exposure to oil via my employee share scheme but will be back in should we see 310 again for sure. Wishing all bp holders the best of luck for the future.

I've been a long proponent of hold hold hold on this board but any rise to 335p+ has to be considered as a sell opp given the recent SP performance, there is every chance this bounces around the 310-320 mark even in Q3 results should the POO take a dive. Might lock in some profits on US open

OPEC will flex demand and open the taps if demand is there and margins can be protected. I think the chronic underinvestment is just narrative from the bulls. The days of £5 bp are probably over due to institutional investor sentiment, however a 20% discount on this impact is still £4 so still a way to go. I'd say mid 450's are where this will settle once the world is back to normal, before bp prove the returns on renewable investments. Strong divi will persist however.

Agree Happy, whenever there is pricing volatility upwards the OM tend to capitalize on this via trading more than production (net/net impact). I was thinking about selling some BP/Shell this morning but do believe Q3 results will be a step up from Q2 and this should be reflected in share price

dont beat yourself up, I sold PLTR at 26.6 and it hit 29 last week you cant time the market. Also bp (like PLTR) has yo-yo'd so much within a range that logically it was the correct thing to do. There will be another dip when oil starts to retreat and theres your entry point. However I do think with the world opening back up and vaccines more developed we'll start to leave the low 300s behind and push on from here.

https://www.bp.com/en/global/corporate/investors/results-and-reporting/trading-conditions-update.html

The first table on this page should tell you all you need to know in prep for Q3 results, expecting big numbers and 4-5% SP gain vs. today as results start to firm back up and cash generating machine gets going again.. this stock is all about LT confidence. Once the cash machine starts flowing so will the big money back into oil stocks.

About the EIA report? SP dropped slightly but I'm in this until post Q3 results as they will blow Q2 out the water and should instill confidence in market that Oil demand is returning

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... that we have people on this board who are concerned about bp, the SP now is a gift, the business itself knows it which is why buybacks are being ok'd by the board... if you're concerned then your time horizon isn't long enough and go and play in growth stocks... As I said on here 2 days ago bp/shell at these levels are a savings account which offer great capital appreciation opportunities AND interest beating dividends...zoom out.

In the same way I don't care how much up someone is I don't care how much down someone is, that's your own fault for getting the wrong entry point or not having the cubes to sell when we hit 365 last year or 330 a few weeks ago. Just because the magic stock chart doesn't show exponential increases doesn't mean there isn't great value here. bp and Shell at these levels and this divi yield should be used a savings account.