Bp Share Discussion Threads

[waldron] 11/6/2020 17:19

Brent Crude Oil NYMEX 38.85 -5.77%
Gasoline NYMEX 1.12 -7.70%
Natural Gas NYMEX 1.89 +0.32%
WTI 36.513 USD -5.32%

FTSE 100
6,076.7 -3.99%
Dow Jones
25,857.15 -4.20%
CAC 40
4,815.6 -4.71%
SBF 120
3,794.39 -4.69%
Euro STOXX 50
3,159.23 -4.33%
DAX
11,970.29 -4.47%
Ftse Mib
18,873.95 -4.47%



Eni
8.581 -7.03%


Total
34.725 -6.19%


Engie
10.775 -5.48%

Orange
10.38 -4.46%



Bp
320.9 -6.84%

Vodafone
125.94 -7.57%

Royal Dutch Shell A
1,328.6 -5.97%


Royal Dutch Shell B
1,279.8 -5.65%


(TLW) 31.94 GBX -12.78%

[superiorshares] 11/6/2020 17:09

Somebody put out a post on here about trading boxes . I obviously haven't got a clue about them ???.
Just a quick question.
Has the bottom in one of the boxes split open ?

[waldron] 11/6/2020 16:39

BP CEO Bernard Looney on Creating a “Lighter, More Agile, More Focused” Organization; Energy Transition and Net Zero Carbon Emissions by 2050; Operating in Today’s Oil Market and Why Shale is Really a “Tech Business”

CEO of BP speaks with IHS Markit Vice Chairman Daniel Yergin for the latest CERAWeek Conversations – available at www.ceraweek.com/conversations
June 11, 2020 09:04 AM Eastern Daylight Time

WASHINGTON--(BUSINESS WIRE)--BP CEO Bernard Looney talks about assuming leadership of the company amid a global pandemic; navigating “brutal” oil market conditions brought on by COVID-19; “taking costs out of the system” and getting to a $35 per barrel “balance point” by next year in the latest edition of the CERAWeek Conversations series.

In a new conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Looney says that BP will produce less oil and gas over time; that oil demand is probably slowing (though one does not know when so-called “peak oil” would occur); how focusing on “value” rather than “volume” makes it possible to meet carbon goals and satisfy investors’ expectations, and more.

The complete video is available at: www.ceraweek.com/conversations

Selected excerpts:
Interview Recorded Thursday, June 4, 2020

(Edited slightly for brevity only)

On BP’s COVID-19 response and the transition to CEO amidst a global pandemic:

“It's been an incredible time and we've tried to anchor very quickly on three things that we felt were really important, and it has been helpful. Number one was we wanted to protect the health of our people. Secondly, we wanted to support our communities where we work. Thirdly, we want to strengthen our finances.

“There are a lot of people in this world who are having it more difficult than us: people have lost loved ones; people that are on the front lines that are protecting us. In many ways we have the privilege of working from home because many people don't. And indeed, many people inside BP [don’t]—people who are working our retail stations, who are providing fuel and food, people who are working in our facilities offshore and refineries providing the energy and the fuel that the world needs.

“People have been going to extraordinary lengths and I’m sure it’s true in every company, but it’s certainly true inside BP.”

On BP’s new executive management structure:

“Not only am I new in my job, but we have a new team that's just been announced on the 12th of February. There’s 12 of us and we're basically all new to our roles in one form or another. A third of them are women. It’s a very diverse team and we're coming together virtually because we're not able to have those getaways that you would have when you bring a team together.

“We’ve just announced what we call the “Next Level Tier Two Leadership” where we've gone from 240 leaders down to 120, halving the size of the leadership at the top. Thankfully, we've got 40% women in there and almost a third ethnic diversity. They are selecting new people, they're developing their strategies—all while dealing with negative oil prices, a pandemic, and trying to do it all virtually. I’m really proud of my team and I think it's an extraordinary confluence of events that has come together.”

On the thinking behind BP’s aim to achieve net zero carbon emissions by 2050:

“Bob [Dudley] laid a great groundwork here. My role was to come on and take that to the next level. I went out after I was announced, and I've been going around and listening. I went on the road and I met with investors, I met with members of civil society, I met with NGOs, I met with academics, I met with the United Nations, I met with activists, and of course I listened to our own staff. It became clear to me that this is what all those constituents at some level wanted.

“In many ways we say: how do you make tradeoffs between what society wants and what shareholders want? I believe that there is much more of a confluence of what they want. Investors of course want a financial return, but they also want to invest in companies that are having a positive impact on our world.”

On concrete steps to achieve net zero by 2050:

“We came out with 10 aims. There were five to help the company get to net zero and five to help the world get to net zero. Aim one is about our scope one and two emissions. We have things that are ongoing inside the company to improve that around efficiency and power usage and leaks.

“The second aim said that if we look at the carbon content of the oil and gas that we as BP are uniquely responsible for introducing into the world, we have an ambition to take that to net zero, which is an incredible thing for what is predominantly an oil and gas company to say. We will get there through our portfolio. We will produce less oil and gas over time. That was a big statement that we made on February the 12th. It took a little bit of courage to get over the line on that. But I believe it's the right thing.

“We're not about volume. We’re about value, we're about cash flow, and I believe that we can satisfy our carbon expectations and satisfy our investors’ expectations around value better this way. At some stage, we will have, towards the back end, some natural climate solutions and carbon capture and storage. But it'll be predominantly delivered by volume.

“Aim three is about the intensity of our products and how we reduce that. Aim four was around methane—we will measure our methane at all of our existing facilities worldwide by 2023 and once we have that measured basis, we will then set a target to halve it.

On potential new growth areas for BP:

“Without question low carbon electricity will be a big part of that. We already own 50% of Europe's largest solar developer. We’re in 13 countries around the world now. Unquestionably wind will be part of that, and we'll be talking about what we're doing in that space.

“Bioenergy is an area that I think has great potential and electrification of mobility and mobility services, I think you will see us talk a lot about. Today we have a partnership with DiDi (largest ride sharing firm in the world) in China. Didi owns 20% of China’s electric vehicles. They have 30 million rides a day and almost 500 million customers. We’re their charging partner. We are going to help them build their fleet charging network in China.”

On how BP can be an asset in the energy transition:

“We’ve got about 6,000 engineers in our company. We’ve got two and a half thousand scientists. We’re one of the world's largest trading organizations. We build very big projects. We operate very large plants. We’re truly global. We're in 78 countries.

“I think the real thing that we have to add is integration. If you take a Microsoft or an Amazon and their big data centers and they want power for those—what do they want? They want power that is clean, it’s reliable and it's cheap. It's very hard for them to go to a solar company or a wind company and get that because, while they might get clean and cheap, they may not get reliable.

“That's where we come along—a company like ours that might be in wind and solar; we’ll obviously be in gas; we’ll have a trading entity that can manage the shorts and the long and balance the markets so that they can get that reliability, maybe on a digital platform. That's a unique offering.”

On organizational restructuring and implementing the “Reinventing BP” strategy:

“There is no more upstream and downstream. What we had was two very large segments and they were colossal segments inside the company, and they sort of dominated—you're either an ‘upstreamer217; or a ‘downstreamer.’ At some stage we felt that, actually, what we don’t want are two big segments; we want one segment and that one segment is called BP.

“The second thing was obviously a focus on customers. Customers and what we can do for customers in the future, particularly in the world of electrification and mobility, is huge. We created an entity around that.

“Then we have low carbon and we felt that it was important to bring gas and low carbon together. We wanted to focus on low carbon electricity and energy.

“Finally, innovation. Innovation is absolutely at the core of a company—being able to reinvent itself. We've done that. We have tried to create them and are trying to create a lighter, more agile, more focused and more integrated company.”

On operating in the current oil market environment:

“It’s tough. It's a brutal environment that we face at the moment. It has recovered a little bit over the recent weeks, but as I would remind our own organization, it's a recovery from a very low point. While we may have a recovery in crude prices, gas prices are still quite depressed and refining margins are still very depressed. The crude market is recovering far ahead of the product market.

“We can't predict the price of oil you. Therefore, we concentrate on what we control. We've taken our capital down. We're taking costs out of the system; we're going to take about two and a half billion [dollars] out by the end of next year and we're going to get what we call our ‘balance point’ down to around $35 a barrel next year.

“We used to call it ‘breakeven,217; but ‘balance point’ is the language that we want to use because it's not just the oil price that you break even on, but what's your gas price assumption? And what's your refining margin assumption? With some reduced assumptions on both gas and refining to reflect a more difficult environment, we think we can balance the books next year at around $35 [per barrel]. That means that we can invest about $12 billion into the business to do the things that we need to do; we can pay a dividend and we can do that at $35 which is a pretty healthy oil price to do that. But we're not there today and we're on our way there.”

Managing costs through innovation, digitalization, centralization and “agility”;:

“We have really taken costs out of the system. I remember in 2016 we said that we would bring on a million barrels a day in production by 2021—that was about 35 major projects. We thought at the time it would cost us about $50 billion. We're going to do it for between $35 and $40 billion. We used to have 30,000 people in the upstream. Today we have about 17,000 so we're doing it with a lot less people.

“I’ve always been a believer that the numbers are so big in the upstream that there remains enormous opportunity for improvement. We're going to go digital. We absolutely believe in it and we're going to take it to the next level. We've done a good job on our back office. We're now bringing it into our operation system. We want to be able to get to a place where you can raise a work order, order a part, get it delivered, install it, be invoiced, [and] pay for it. We want that chain to be touchless. If we can do that will take out 30% to 40% of our cost.

“We’re going to go agile. [Agile] is about delayering—it’s taking the layers out of the organization. It's multi-disciplinary teams working together. It's about a singular focus. A big thing in agile is we’re much better when we work on one problem at a time.

“Finally, and I think the most important, it turns the job of leadership on its head. All too often, people in organizations look up—they wait to get into the diary to get a decision made. We're changing that. The job of a leader is to support their organization. The job of a leader is to go to the work site. Meet with the team, they tell you what problems they have, you sort their problems, you make decisions right there and then. It's changing the clock speed of decision making inside our company by between 60% and 70%.”

On the role of shale in BP’s portfolio:

“Shale is an extraordinary resource. We did the BHP transaction in the lower 48 a couple years ago. We're really pleased with what we got. We’re surprised on the upside, particularly in the Eagle Ford; we like that a lot, but the Permian is very good. We look at the cost to run the business and the synergies we think that we could get out. We promised $350 million by 2021. We promised $80 million in the first year. We delivered $270 [million] in year one. We’ll accelerate that $350 [million] and we think we will go beyond $400 million in total synergy savings.”

“I think [costs for shale] will continue to go down and I know that people say it’s beginning to plateau out. But I am a believer. David Lawler, who runs that business for us is a massive believer. He believes this is a tech business. The things that we've been able to do with taking people out of harm's way and taking people out of the field and getting costs down and the improvements we can make are exceptional.”

On future demand for hydrocarbons:

“A lot of people ask about peak oil. The answer is we don’t know. I think that’s the reality. As you look out in the future, is oil demand going to grow at 3-5% per annum for the next 20 or 30 years? No.

“What is going to happen? Oil demand growth is probably slowing. Gas has a stronger future if we look at it in terms of demand growth. We see gas growing over the coming decades. With the advent of hydrogen and the potential for blue hydrogen and how gas can play a role in there, it may be more than a transition fuel. It will have to be decarbonized. That's absolutely essential. We have got to take that carbon out of hydrocarbons, and we have to stop comparing gas to coal and start comparing gas to zero.”

Watch the complete video at: www.ceraweek.com/conversations

About CERAWeek Conversations:

CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.

The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.

New installments will be added weekly at www.ceraweek.com/conversations.

[ny boy] 11/6/2020 14:39

Added 326 & 330..happy with that, long term hold, hopefully next quarters divi will be paid too

[wolansm] 11/6/2020 08:56

Refiners will be clearing Jet, diesel and petrol to clear the ullage for new product, they will also be uneasy about going full capacity at least that's my opinion so demand for crude will be sketchy I also reckon cash will be retained as much as possible aimo off course

[gibbs1] 10/6/2020 21:10

Australian researchers develop new technology to produce hydrogen

PowerBioenergyTechnology

By NS Energy Staff Writer 10 Jun 2020

The new technology uses the waste product of biogas that is primarily composed of methane and carbon dioxide to produce hydrogen
CH4CrackingLab_1

UWA’s new technology can produce renewable hydrogen and graphite from wastewater. (Credit: The University of Western Australia)

Researchers from the University of Western Australia (UWA) have developed new technology to produce renewable hydrogen and graphite from wastewater.

The new technology, which has been developed a part of a new State Government project, is expected to produce around 100 tonnes of fuel-grade hydrogen and 380 tonnes of graphite each year. It also has potential for expansion.

Acquired by Hazer Group for commercial use, the technology uses the waste product of biogas that is primarily composed of methane and carbon dioxide.

The UWA researchers said that the waste gas will be used by the technology to produce low-emission hydrogen and graphite using iron ore catalyst.

UWA’s School of Engineering professor Hui Tong Chua led the initial research, which involved the development of hydrogen by breaking the chemical bond of the naturally occurring gas methane.
Graphitic carbon has potential for high-value applications

Chua said the hydrogen is produced by releasing by-product graphitic carbon, which has potential for high-value applications.

Chua added: “This is a marvellous application of the Hazer process onto renewable biomass, with the carbon being sequestered as solid graphitic carbon, which has potential applications in batteries.

“It is heartening that UWA technology is assisting with the Australian economy, especially in the renewable energy sector, in terms of generating employment and building resilience toward a low-emission future.”

The project is expected to contribute to the State Government’s Renewable Hydrogen Strategy to advance the WA hydrogen industry.

In May 2020, BP Australia said it plans to undertake a feasibility study for constructing a renewable hydrogen and ammonia production facility in Geraldton, Western Australia.

The A$4.42m ($2.8m) feasibility study will help BP and the energy sector to gain an enhanced understanding of the technical and financial implications of a fully integrated renewable hydrogen supply chain.

[superiorshares] 10/6/2020 19:13

Just listening to Classic FM . The hourly news had information on new relaxation rules for the lockdown. Single people will now be able to form a friend ship bubble with another house hold.
So I am looking for a house ( with lady living with in ) who would be willing to create a bubble with me.
Happy to travel in my vehicle. The additional consumption of fuel could be beneficial to BP.
To quote Tesco " every little helps ".

[waldron] 10/6/2020 17:32

Brent Crude Oil NYMEX 40.98 -0.49%
Gasoline NYMEX 1.20 -1.15%
Natural Gas NYMEX 1.86 +0.27%
WTI 38.752 USD +1.27%

FTSE 100
6,329.13 -0.10%
Dow Jones
27,119.71 -0.56%
CAC 40
5,053.42 -0.82%
SBF 120
3,981.07 -0.91%
Euro STOXX 50
3,302.32 -0.66%
DAX
12,530.16 -0.70%
Ftse Mib
19,806.68 -0.62%



Eni
9.23 -1.56%



Total
37.015 -1.82%



Engie
11.4 -3.88%

Orange
10.865 -1.54%


Bp
344.45 -2.44%

Vodafone
136.26 -1.93%

Royal Dutch Shell A
1,413 -1.72%


Royal Dutch Shell B

[superiorshares] 10/6/2020 17:00

Nellynell I agree with your point but as far as I am aware they haven't taken any Public tax money ?.They can do what they want as far as the Divi goes.
If they slashed the dividend that might boost the share price anyway ?.
The debt pile is large mind. That's not so bad if your making large profits. Its if it starts making losses and they are sustained it will bring that £2 closer.
only time will tell ( about 20 odd days :-) )

[waldron] 10/6/2020 16:05

Oil Prices Fall As EIA Confirms Crude Inventory Build
By Irina Slav - Jun 10, 2020, 9:51 AM CDT
Join Our Community

Crude oil prices accelerated their fall today after the Energy Information Administration reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories.

A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after several days of gains. Analysts had expected the EIA to report an inventory decline of 1.45 million barrels for last week. A week earlier, the EIA reported a decline in crude oil inventories, at 2.1 million barrels.

In gasoline, the authority reported an inventory increase of 900,000 barrels for the week to June 5, down from a build of 2.8 million barrels a week earlier. Gasoline production last week averaged 8.1 million bpd, compared with 7.8 million bpd a week earlier.

In distillate fuels, inventories went up by 1.6 million barrels last week, which compared with a hefty 9.9-million-barrel increase a week earlier. Distillate fuel production averaged 4.8 million barrels daily, compared with 4.7 million bpd a week earlier.

Refinery runs rose last week, to average 13.5 million bpd. This compared with 13.3 million bpd a week earlier. Capacity utilization averaged 73.1 percent, compared with 71.8 percent a week earlier.
Related: Is Shell’s Dividend Cut Permanent?

Before the API shocked traders with its estimated inventory build, oil was trending higher on hopes the market would soon rebalance. However, there was downward pressure following news that U.S. producers were restarting production and worry that some Middle East producers, notably Iraq, will continue to produce more than their OPEC+ quota calls for.

At the time of writing, Brent crude was trading at $40.40 a barrel, with West Texas Intermediate at $38.10 a barrel, both down by about two percentage points from opening today.

Meanwhile, Norwegian consultancy Rystad Energy warned that deep production cuts could lead to a lasting deficit of oil, beginning as soon as this month. This could provide some upward pressure for prices especially if it is coupled with more positive news on the demand side.

By Irina Slav for Oilprice.com

[nellynell] 10/6/2020 11:03

Superior you may be right about Mr Looney. However hes also recently stated at around the time he announced the job cuts that the company is spending too much money.

I can't see myself how he can cut all these jobs and then go back to paying the dividends whilst piling on more debt for the company?

[nellynell] 09/6/2020 20:38

Thank you for the info superior il have a look for this later on. I look forward to £2 on bp myself and will probably throw everything at it including the kitchen sink and the cat at that price!!

[superiorshares] 09/6/2020 19:18

We are still in the first wave unfortunately. I don't think the peak of the first wave will be upon us until late Feb next year.

[waldron] 09/6/2020 19:15

Goldman Sachs says an oil price correction as deep as 20% ‘may already be underway’

Published Tue, Jun 9 202012:00 PM EDT

Updated 2 hours ago

Natasha Turak
@NatashaTurak

Key Points

“Despite the rally, we have been hesitant to recommend a long position this early in the cycle for several reasons,” Goldman Sachs commodities analysts wrote Tuesday.

Surplus oil inventory of an estimated 1 billion barrels has piled up as the world’s economic activity and travel remains largely at a standstill amid coronavirus fears.

There’s also widespread uncertainty over a demand rebound, with health authorities stressed the risk of a second wave of Covid-19 infections plunging countries back into lockdown.

[superiorshares] 09/6/2020 19:05

Hello nellynell. You tube the interview done about month ago during lockdown was the one . I think. It's the one with regard to reducing the wells from 13 To 2. It's only a clip on there and it wasn't in the clip. He was asked about share buy backs and the dividends because of Corona . He said something along the lines. " That they didn't have a share buy back program at that time . They had a progressive dividend policy and the dividend for the next 18 months had been factored into their business plan , regardless of events on the ground. Doesn't mean they won't cut of course if things are dire ?. I will wager a pound they keep it at least for this next quarter . If you can find the full interview on the internet , I am sure that was the one ( squawk box ). On the you tube it's the one where he has the white shirt on and big ear phones. Like I say a month ago. I like those 3 pots behind him red/yellow/ green. What caught my eye more today though. In front of them is a toy model tractor ( John Deere ) with a round baler and a couple of round bales. I am interested in what the significance of that little display is. I am going to write to him with a diplomatic polite inquiry.

[waldron] 09/6/2020 17:27

Brent Crude Oil NYMEX 40.70 -0.25%
Gasoline NYMEX 1.19 -0.14%
Natural Gas NYMEX 1.87 -2.10%
(WTI) 38.253 USD -0.84%

FTSE 100
6,335.72 -2.11%
Dow Jones
27,307.92 -0.96%
CAC 40
5,095.11 -1.55%
SBF 120
4,017.83 -1.59%
Euro STOXX 50
3,324.1 -1.44%
DAX
12,617.99 -1.57%
Ftse Mib
19,934.47 -1.47%








Eni
9.376 -2.98%



Total
37.7 -2.96%



Engie
11.86 -0.75%

Orange
11.035 -3.92%


Bp
353.05 -3.47%

Vodafone
138.94 -1.54%

Royal Dutch Shell A
1,437.8 -4.38%



Royal Dutch Shell B
1,384.4 -5.36%

[nellynell] 09/6/2020 16:29

Hmmmmm getting a little tempting to maybe buy back in but not tempting enough yet....

[waldron] 09/6/2020 16:23

Oil Drops on Renewed Oversupply Concerns
Date : 09/06/2020 @ 16:56
Source : Dow Jones News

Oil Drops on Renewed Oversupply Concerns
Print
Alert

By Amrith Ramkumar

Oil prices edged lower Tuesday, declining for the second consecutive session with some traders concerned that fuel demand won't rebound as quickly as anticipated.

U.S. crude futures for delivery in July were recently down 0.6% at $37.95 a barrel on the New York Mercantile Exchange, after dropping 3.4% Monday. The declines are pausing a weekslong recovery that powered oil to its highest level since early March. Front-month futures started the year above $60 then tumbled below $0 in late April due to a supply glut.

They have since rebounded in recent weeks with more states and countries easing coronavirus lockdowns and the Organization of the Petroleum Exporting Countries and allies like Russia curbing supply. But now that prices have recovered, some analysts expect large producers to incrementally increase output. OPEC and its partners have extended supply cuts through July, but Saudi Arabia, the de facto head of the group, said it will no longer carry out extra output curbs next month.

For June, the kingdom has cut production even more than it had agreed to under the historic OPEC agreement to buoy prices and compensate for OPEC members who aren't complying fully with the cuts.

At the same time, some U.S. producers are ramping up output, and many analysts are worried fuel consumption will remain tepid because of lingering concerns related to the coronavirus. Plummeting demand and a production feud between Saudi Arabia and Russia earlier in the year led to a surge in global stockpiles that collapsed the market.

"The inventory overhang remains significant and uncertainty remains high for the forward supply and demand outlooks," Goldman Sachs analysts said in a recent note.

Brent crude futures for August delivery, the global gauge of oil prices, slid 1% to $40.40 a barrel on the Intercontinental Exchange.

Analysts were looking ahead to Wednesday figures on U.S. crude stockpiles for the latest gauge of inventories. U.S. inventories have stabilized just below an all-time high hit in 2017, while a drop in stockpiles in China has also relieved pressure on the oil market. A lack of available storage for oil led to chaos in April, pushing U.S. crude futures below $0 for the first time ever.

Still, some investors say it will be challenging for oil to rally from current levels. The number of coronavirus cases continues to climb in many parts of the world, and some analysts are wary of a second spike in cases later in the year after more swaths of the global economy reopen.

Elsewhere in commodities Tuesday, most actively traded gold futures added 1% to $1,722.30 a troy ounce, climbing for the second consecutive session. The safe-haven metal recently wobbled below a 7 1/2 -year high hit earlier in the year. Gold has been supported by lingering concerns about the economy and bets on lower interest rates but hurt by a big move by investors toward stocks and other risky assets.

Write to Amrith Ramkumar at [e-mail]



(END) Dow Jones Newswires

June 09, 2020 10:41 ET (14:41 GMT)

[waldron] 09/6/2020 15:53

Stocks extend losses, with Dow falling 400 points to snap a 6-day winning streak

Published Mon, Jun 8 20206:08 PM EDT

Updated Moments Ago

Fred Imbert
@foimbert

Thomas Franck
@tomwfranck

[florenceorbis] 09/6/2020 09:38

TOTAL and ENI also report at July end