Bp Share Discussion Threads

[ariane] 23/11/2017 11:52

BP buys back shares
By BFN News | 09:56 AM | Thursday 23 November, 2017

Factsheet BP PLC USD0.25 (BP.)


BP bought back 3,000,000 ordinary shares yesterday at the volume weighted average price of 497.4607p apiece for cancellation. At 9:56am: (LON:BP.) BP PLC share price was -1.17p at 496.68p Story provided by StockMarketWire.com

[optomistic] 23/11/2017 10:53

...it's only 2p but it does make the chart look a lot better :-)))

[grupo guitarlumber] 22/11/2017 20:39

Exxon, Shell, BP pledge to reduce methane emissions from natural gas
by Josh Siegel | Nov 22, 2017, 2:29 PM

Exxon , Shell, and BP, among other large energy companies, announced on Wednesday that they have signed a pledge to reduce methane emissions from natural gas production. The declaration represents another example of major energy companies taking a more aggressive posture toward climate change than the Trump administration.

News from Washington Examiner


Large energy companies including Exxon, Shell, and BP have signed onto a pledge to reduce emissions of methane from natural gas production, part of an effort by the industry to show it is committed to combating climate change even as the Trump administration rolls back regulations forcing them to.

“Providing access to energy, while addressing global climate change, is one of the greatest challenges of the 21st century,” the companies said in the “guiding principles” to their pledge, which they announced Wednesday. “Natural gas plays a major role in meeting global energy demand today. Since natural gas consists mainly of methane, a potent greenhouse gas, its part in the transition to a low-carbon future will be influenced by the extent to which the oil and gas industry reduces its methane emissions.”


The companies didn't make any specific emissions reductions targets, but they promise to “continually reduce methane emissions; advance strong performance across gas value chains; improve accuracy of methane emissions data; advocate sound policies and regulations on methane emissions; and increase transparency.”

Energy companies have promoted natural gas as an important component of addressing climate change because it produces fewer greenhouse gas emissions than coal. They also view natural gas as increasingly important to the stability of the power grid as renewables increase their share, since wind and solar require the sun to be shining and wind to be blowing.

But methane, the main component in natural gas, is more potent than carbon dioxide, although methane emissions are relatively short-lived. Many scientists blame emissions from burning fossil fuels for driving manmade climate change.

The companies developed their pledge in collaboration with the International Energy Agency, the United Nations and other international organizations focused on energy and climate change, according to the Wall Street Journal.

Exxon Mobil’s decision to join the group makes Chevron the only major U.S. oil company that has not joined the pledge.

Exxon has become more involved with addressing climate change after pressure from investors and legal challenges. Exxon CEO Darren Woods urged President Trump not to withdraw from the Paris climate accord.

The American Petroleum Institute, the main trade group representing the oil and natural gas industry, said it was not involved with organizing the pledge.

But the group touted the industry's efforts at reducing methane emissions in a statement to the Washington Examiner.

“The oil and natural gas industry has a strong and proven commitment to safety and environmental performance,” said API Upstream Director Erik Milito. “We have taken strong, voluntary actions to reduce all emissions, including methane which has declined by 16.3 percent in spite of dramatic increases in the production of oil and natural gas, which has increased 51 percent since 1990.”

The pledge represents another example of major energy companies taking a more aggressive posture toward climate change than the Trump administration.

The vow by the energy companies to “advocate sound policies and regulations on methane” is especially noteworthy because the Trump administration is trying to repeal Obama-era methane regulations.

EPA Administrator Scott Pruitt imposed a two-year delay on the implementation of a regulation to limit methane emissions from new oil and natural gas wells. But in July, a federal appeals court blocked the EPA from eliminating the methane rule.

The Republican-controlled Senate, meanwhile, failed in May to pass a measure repealing an Interior Department methane rule affecting existing wells on federal lands.

A federal court in California ruled last month that the Interior Department could not suspend its methane rule.

[parvo] 21/11/2017 10:54

hellscream - it's just my simple thinking, but left to the normal market; 450 was/is a possibility BUT the daily punch north as a result of continuing buyback casts 450 into some serious doubt. DYOR

[waldron] 21/11/2017 10:05

News
UK
UK Politics

Tory ministers lobbied Brazil on behalf of Shell and BP, Government accidentally reveals

Brazilian government later gave major drilling licenses to the two companies

Ben Kentish
@BenKentish THE INDEPENDENT

Greg Hands used a meeting with a Brazilian minister to pass on oil companies' concerns Rex Features

Liam Fox's Department for International Trade successfully lobbied the Brazilian government over environmental regulations on behalf of three major oil companies, an official document has revealed.

Greg Hands, the international trade minister, reportedly made representations on behalf of BP, Shell and Premier Oil during a trip to Brazil in March.

He asked the Brazilian government to help British companies secure deals to drill in the pre-salt region of Brazilian waters, according to a British diplomatic cable obtained by Greenpeace.



Macron vows to reverse Donald Trump's cuts to climate change funding

Pre-salt drilling involves looking for oil deep under the sea bed. Environmental campaigners have warned that it risks accelerating climate change.

The cable says Mr Hands used a “private breakfast” in Rio de Janeiro to listen to the oil companies’ concerns “around taxation and environmental licensing” in Brazil.

He then raised the issue “directly̶1; with Paulo Pedrosa, Brazil’s deputy minister for mining and energy.

Mr Pedrosa “confirmed that his ministry is already lobbying its relevant counterparts within the Brazil government”.

Brazil later granted three oil licenses to Shell and two to a consortium including BP. It also offered up to $300bn (£227bn) in tax relief to oil and gas companies in the country.


The diplomatic cable also reveals that the UK Government welcomed Brazil’s decision to reduce “local content requirements” – regulations that force companies to hire local workers and use local goods in an attempt to boost the economy of developing countries and regions.

Mr Hands also opened an event showcasing UK energy companies, at which “hydrocarbons were a heavy focus”.

Details revealed in the cable were apparently released by mistake. Following a freedom of information request, the DIT sent Greenpeace the full cable, with sensitive passages highlighted instead of redacted. It later released a second version with the same passages blacked out.

Rebecca Newsom, senior political adviser at Greenpeace, said: “This is a double embarrassment for the UK Government. Liam Fox’s trade minister has been lobbying the Brazilian government over a huge oil project that would undermine the climate efforts Britain made at the UN summit in Bonn.


“If that wasn’t bad enough, Fox’s department tried to cover it up and hide its actions from the public, but failed comically.”

A DIT spokesperson said: “DIT is responsible for encouraging international investment opportunities for UK businesses, whilst respecting fully local and international environmental standards. The UK oil and gas industry and supply chain supports thousands of jobs and provides £19bn in goods exports alone.

“However, it is absolutely not true that our ministers lobbied to loosen environmental restrictions in Brazil – the meeting was about improving the environmental licensing process, ensuring a level playing field for both domestic and foreign companies, and in particular helping to speed up the licensing process and make it more transparent, which in turn will protect environmental standards.”

[waldron] 21/11/2017 09:19

BP agrees sell off Bruce assets in “£300 million” deal
Tuesday November 21st 2017 at 8:15 AM

BP has agreed to sell off more of its North Sea interests – in a deal which could be worth around £300 million.

The oil giant has sold all but one per cent of its stake in the Bruce field, as well as its interests in the Keith and Rhum fields, to Serica Energy.

The firm will pay an initial £12.8 million to BP – but that could grow to be worth around £300 million depending on performance of the assets.

The new owner has agreed to a share of cash flows over the next four years, a consideration equivalent to 30% of BP’s post-tax decommissioning costs and several contingent payments – which hinge on future performance and the oil price.

Most of the payment will be received over the next four years.

Around 110 staff are planned to transfer to Serica as the assets move as a “fully operational entity”

BP will now begin consultation with staff that could be affected.

If approved, it’s hoped the deal could be completed in third quarter of 2018.

BP Upstream Chief Executive Bernard Looney said, “This is an example of BP’s Upstream strategy in action – refreshing our portfolio and focusing our activity on assets which will add most value over the long-term.

“We remain committed to the North Sea and continue to invest.

“We expect our production there to double to around 200,000 barrels equivalent a day by 2020 through new projects like Quad 204 and Clair Ridge.

“While the Bruce assets are no longer core to BP, we are confident that Serica is the right owner and operator to maximise their continuing value for both companies and for the UK.

Serica chairman Tony Craven Walker added, “This transaction will establish Serica as a leading British independent oil company with the scale, balance sheet and operating capability to prosper in the North Sea’s rapidly changing upstream oil and gas industry.”

[hellscream] 20/11/2017 16:47

whats the odds of this hitting 450 again :).

[scoobydoo99] 20/11/2017 13:04

At least this time they're cancelling the shares they're buying back rather than filling their treasury allocation, and they've been very specific that the buybacks are to compensate for the dilution caused by the scrip dividends, I'm not a big fan of buybacks either but at least this time it's a bit more transparent where they see the value coming from.

[wolansm] 20/11/2017 09:08

Holts debt cost is less than the divi at the moment but in general terms agree with your statement

[holts] 20/11/2017 08:54

Dislike buy backs , would rather money was used to get rid of any debt .

[la forge] 18/11/2017 16:43

waldron
17 Nov '17 - 15:32 - 1467 of 1469 4 1
WHOSE THE SIMPLETON WHO KEEPS MARKING DOWN EVERY POST NO MATTER WHAT


STUPID BOY






Can someone explain what the guy gains by using the red thumb on each and every post

[waldron] 18/11/2017 15:25

vexatious
adjective

1Causing or tending to cause annoyance, frustration, or worry.
‘the vexatious questions posed by software copyrights’

1.1Law Denoting an action or the bringer of an action that is brought without sufficient grounds for winning, purely to cause annoyance to the defendant.
‘a frivolous or vexatious litigant’

[toon1966] 18/11/2017 08:01

parvo said 17 Nov '17 - 17:00 - 89555 of 89560 - "toon- I suspect the 2.75M daily share buyback is currently having an artificial push up on the share price. Where do you think the share price would be if the buyback was not in progress? IMHO, it would now be trading at 485 or below." Point taken parvo, I was getting a tad negative!

[maywillow] 17/11/2017 21:40

The Producers 2017: BP wants stable production amid cuts

Oil production at Prudhoe Bay has yet to fall as sharply as a steep decline in recent drilling activity

Eric Lidji

For Petroleum News

BP Exploration (Alaska) Inc. responded to the current economic climate with a drastic reduction in drilling activity at the Prudhoe Bay unit, the only unit it operates in Alaska.

The local subsidiary of the global energy company drilled 75 development wells at the North Slope unit in 2015, 43 wells in 2016 and only 11 through the first half of this year.

And yet, production has remained stable, suggesting new operational efficiencies.

BP files three plans of development each year for the Prudhoe Bay unit - one for the Initial Participating Areas early in the year, one for the Greater Point McIntyre Area in the middle of the year and one for the Western Satellites toward the end of the year.

Initial Participating Areas
In its most recent plan of development for the Initial Participating Areas, from March 2017, BP announced a 13.5 percent decline in drilling activity for the current year.

The company said it planned to drill between four to seven rotary sidetracks and 20 to 24 coiled tubing drilling sidetracks in the current development year, down from seven rotary sidetracks and 28 coiled tubing sidetracks in 2016. The plan also included one new well at the Initial Participating Areas in 2017, down from two new wells in 2016. The company expected its rigged workover program to remain flat, at two to four projects.

The proposed 2017 program is geographically focused - three sidetracks at F pad, four sidetracks at 3 pad, 9 pad and 17 pad and a sidetrack at J pad, plus a few scattered wells.

Actual IPA drilling activity through the first half of the year included two sidetracks at 3 pad, one at 9 pad, one at 15 pad and sidetracks at D pad, F pad, L pad and V pad.

Even with the decline in drilling activity, BP provided a production forecast in line with 2016 levels - between 158,000 and 198,000 barrels per day for oil and between 30,000 and 41,000 bpd for natural gas liquids. By comparison, the company projected oil production between 157,000 and 196,000 bpd and natural gas liquids production between 36,000 and 45,000 bpd in a revised 2016 forecast.

Actual crude oil and condensate production from the Initial Participating Areas was 197,900 bpd from the in 2016, up from 196,400 bpd in 2015, and actual natural gas liquids production was 38,000 bpd in 2016, equal to 2015.

The company attributed the increased Initial Participating Areas oil production in 2016 to “the lack of any production impacting facility TARs (turnarounds), strong wellwork and drilling performance, and increased emphasis on mitigating and minimizing deferrals.”

The Initial Participating Areas production increases in 2016 came despite a 38 percent decline in drilling and a nearly 19 percent decline in rate-adding well work projects.

BP originally proposed a 31-well program for the Initial Participating Areas in 2016 and actually drilled 37 wells, down from a 60-well development program in 2015. The company performed approximately 1,000 well work jobs at the Initial Participating Areas in 2016, including 336 that added production. The company performed approximately 1,800 jobs at the Initial Participating Areas in 2015, of which 413 were rate adding.

Combining drilling and workover operations, the company performed 3.8 rig years of work in 2015, 1.8 rig years of work in 2016 and proposed 1.3 rig years of work for 2017.

Greater Point McIntyre Area
The future of the Greater Point McIntyre Area depends on seismic.

BP conducted the North Prudhoe seismic survey over the northern portion of the Prudhoe Bay unit in 2014 and 2015, completed the survey in April 2015 and completed a stage of the processing in September 2016, according to its most recent plan of development.

Results will likely guide future development decision. “Interpretation of the data is currently being prioritized across the Prudhoe Bay Unit. Interpretation will focus on improving the structure mapping over the field and an understanding of the subsurface areas of interest (Kuparuk, Sag, Ivishak, Lisburne, and Alapah intervals),” BP wrote.

Liquids production increased at the Lisburne, Niakuk and Raven fields, declined at the Point McIntyre field and was offline at the North Prudhoe Bay and West Beach fields.

The only drilling activities planned for the Greater Point McIntyre Area this year are one development well at the Lisburne field and one development well at the Raven field.

BP drilled the L3-25 well at the Lisburne field this year and said it was considering several potential well locations for the future. The company completed two wells - L1-13 and L5-12A - and performed 18 rate-adding workover projects at 17 existing wells in 2016. The company also made its Lisburne Gas Cap Water Injection Project permanent in late January 2017, after the AOGCC approved the continuation of the pilot project.

BP plans to drill the NK-15A injection well at the Raven field to target the South Fault Block at the field, at which point the existing NK-65A well would be converted to a producer from the Sag River formation “to recover remaining resource in that area.”

The company drilled the NK-38B sidetrack of the existing NK-38A sidetrack into an unswept portion of the Ivishak reservoir at Raven in 2016 and returned the NK-65A well to injection. The company drilled the NK-14B development well in March 2017, during the previous development year, to delineate the outer boundaries of the Raven oil pool.

BP made no firm drilling commitments at the Niakuk field for the current year, although the company said potential drilling targets are “continually being evaluated.” The company performed non-rig workover projects on the NK-42 and NK-09 wells in 2016.

BP also made no firm drilling commitments at the Point McIntyre field for the current year, but it expects improved production and operations from the largest field in the area after restoring the suspended Point McIntyre pipeline into Gathering Center 1 last year.

BP said that the results of the North Prudhoe seismic survey, and other technical assessments, could improve ongoing studies at North Prudhoe Bay and West Beach.

Western Satellites
After a year of strong production growth in 2016, the five fields that make up the Western Satellites at the Prudhoe Bay unit all experienced declines this past year.

Aurora produced 4,696 barrels of oil per day in the year ending June 2017, down from 6,303 bpd the year before and up from 4,305 bpd during the 2014-15 reporting year.

BP brought the S-113BL1 well online in the second half of 2016 and performed a workover at the S-109 well in the first quarter of this year. The company also performed 42 workover operations at Aurora during the reporting year - only four added production.

[parvo] 17/11/2017 20:49

ianood - I agree; the past years have been a mixture of disaster (gulf) and US theft. All that, now behind the company, has got to be very good news.

[ianood] 17/11/2017 18:50

parvo - I believe there is something of a sigh of relief too, that at long last (assuming POO remains at current levels) that BP has turned a corner and is now well on the way to recovery hence the initiation the of buyback programme

[parvo] 17/11/2017 17:42

Before folks accuse me of attempted shorting (I can't get into the right queue at the supermarket, let alone the art of trading)I sold high and wish to buy in low, but not at any price.

[parvo] 17/11/2017 17:39

ianood; you could argue about the correlation today, with a rise in futures, but that does not hold true for yesterdays attempted rise as futures were still demonstrating a fall. IMHO the main rise in share price up to 529 was mainly buyers chasing the dividend.

[ianood] 17/11/2017 17:07

parvo - think correlation and take a look at the oil price.