Bp Share Discussion Threads

[jobs2view] 02/2/2021 08:13

Certainly looks like Irish was right about the gap fill! Let's just hope we get some positive news today. 300 seems a long way away now!

[claret dragon] 02/2/2021 08:08

Down again.

[prunk] 02/2/2021 08:06

240 before up

[crazi] 02/2/2021 08:02

BP have done a great job turning around the 4th Quarter. Outlook for 2021 much better and that's based upon oil being $45 to $50 (currently $55+). Debt reduced to $39B and will be £35B by end year...

[superiorshares] 02/2/2021 07:10

Vaccines
Sleepy people will soon realise the vaccine hell that they will be in
4 injections a year ! . People think oh that`s it your cured . Your not it is only 70 per cent effective remember .
What caught my eye the other day . One of the drug companies had done regional success rates . In some cases their vaccine dropped down to 50 odd per cent.

This is what is going to happen toward the end of March Corona will subside .
Sleepy people will rejoice ! . " We are cured ! ".. Off they will run to McDonalds and get the first flight to Benidorm , free to exercise their rights as fully paid up Europhiles .
The problem will be all caution will go out of the Window. Toward September End .

WHAM !!!!!

That colder weather will once again knock the stuffing out of the Ultra Positives .

[skinny] 02/2/2021 07:03

Highlights Resilient operations and strategic progress in a challenging
environment


Bernard Looney - chief executive officer:
2020 will forever be remembered for the pain and sadness caused by COVID-19.
Lives were lost - livelihoods destroyed. Our sector was hit hard as well.
Road and air travel are down, as are oil demand, prices and margins.
It was also a pivotal year for the company. We launched a net zero ambition,
set a new strategy to become an integrated energy company and created
an offshore wind business in the US. We began reinventing bp - with nearly
10 thousand people leaving the company. We strengthened our finances
- taking out costs and closing major divestments. And through all of
this, the underlying operations of the company remained safe - one of
our safest years - and reliable, and major new projects were brought
on line. I appreciate our team's commitment to deliver the energy the
world needed and am grateful for the support we received from investors
and the communities where we work. We expect much better days ahead for
all of us in 2021.

Financial results and progress

- Underlying replacement cost profit for the quarter was $0.1 billion, similar to the previous quarter. Performance was significantly impacted by lower marketing performance in the Downstream, with volumes remaining under pressure due to COVID-19 and continuing pressure on refining margins and utilization. In addition, the result was impacted by a significantly weaker result in gas marketing and trading and higher exploration write-offs, partially offset by a higher Rosneft contribution and a lower underlying tax charge. The full-year result was a loss of $5.7 billion compared to $10 billion profit in 2019, driven by lower oil and gas prices, significant exploration write-offs and refining margins and depressed demand.

- Reported profit for the quarter was $1.4 billion, compared with $0.5 billion loss in the previous quarter. The result included $2.3 billion gain on disposal from the sale of BP's petrochemicals business. For the full year, the reported loss was $20.3 billion, including significant impairments and exploration write-offs taken in the second quarter, compared with a profit of $4.0 billion in 2019.

- Operating cash flow for the quarter, excluding Gulf of Mexico oil spill payments of $0.1 billion, was $2.4 billion. Compared to the third quarter, this reflected the significant impact of lower marketing volumes in the Downstream and a significantly weaker contribution from gas marketing and trading. There was also the absence of the working capital release and other working capital effects, absence of the Rosneft dividend, and severance payments for reinvent bp, partly offset by lower tax payments.

- Proceeds from divestments and other disposals in the quarter were $4.2 billion, including $3.5 billion on completion of the petrochemicals divestment. In February 2021, BP agreed to sell a 20% interest in Oman's Block 61 for $2.6 billion subject to final adjustments. BP has now completed or agreed transactions for over half of its target of $25 billion in proceeds by 2025. BP expects proceeds from divestments and other disposals of $4-6 billion in 2021, weighted toward the second half.

- At year end net debt was $39 billion, down $1.4 billion over the quarter and $6.5 billion over the full year. Net debt is expected to increase in the first half of 2021, driven by severance payments, the annual Gulf of Mexico oil spill payment and payment following completion of the offshore wind joint venture with Equinor. It is expected to then fall in the second half with growing operating cash flow and the receipt of divestment proceeds. BP continues to expect to reach our $35 billion net debt target around fourth quarter 2021 and first quarter 2022. This assumes oil prices in the range of $45-50 a barrel and BP planning assumptions for RMM and gas prices.

- A dividend of 5.25 cents per share was announced for the quarter.

Performing while transforming

- Operations were strong in 2020, with full-year BP-operated refining availability of 96% and Upstream plant reliability of 94%. Safety performance was also strong with both tier1/tier2 process safety events and reported recordable injury frequency significantly lower than in 2019. Upstream unit production costs for the year were 6.5% lower than 2019. Full-year Upstream production was 9.9% lower than 2019 primarily due to divestments.

- BP continues to make strong progress in reinventing its organization. The new organization was in place at the start of 2021 and over half of the approximately 10,000 people expected to leave BP as a result of the reinvent programme had left by year-end. Around $1.4 billion in people-related costs are expected associated with the reinvent programme, with the majority of the cash outflow incurred in the first half of 2021.

- Four new Upstream major projects began production in the year, including three in the fourth quarter - Ghazeer in Oman, Vorlich in the UK and KG D6 R-cluster in India. In the quarter, the Trans Adriatic Pipeline began gas deliveries, completing the Southern Gas Corridor pipeline system.

- Demonstrating the resilience of BP's convenience offer, while retail fuel volumes were 14% lower for the full year, BP's convenience gross margin grew by 6%. Through the year, around 300 strategic convenience sites were added to the network.

- BP had developed 3.3GW net renewable generating capacity to FID by end-2020, 0.7GW more than a year earlier. In January 2021 BP completed formation of its strategic US offshore wind partnership with Equinor, including the purchase of 50% in the Empire Wind and Beacon Wind projects. The projects were also selected to supply 2.5GW of power to the State of New York, adding to an existing commitment to supply 0.8GW.

- Working in partnership with other companies, BP has announced: plans to develop a 'green' hydrogen project at its Lingen refinery in Germany with Ørsted; a BP-operated multi-company partnership to develop offshore infrastructure to support planned UK carbon capture, use and storage projects; and agreements to provide additional supplies of renewable energy to Amazon.

[slinkyj] 01/2/2021 23:49

BP PLC and Ørsted AS of Denmark and have agreed to jointly develop a proposed large-scale renewable hydrogen project at subsidiary

[slinkyj] 01/2/2021 23:46

BP and Uber Announce Houston EV Charging and Planning Programhttps://cityofhouston.news/bp-and-uber-announce-houston-ev-charging-and-planning-program/?utm_source=rss&utm_medium=rss&utm_campaign=bp-and-uber-announce-houston-ev-charging-and-planning-program

[optomistic] 01/2/2021 22:34

...Finals tomorrow.

[pander45] 01/2/2021 22:24

Squeaky bum time tomorrow....hard to call imho.

[jackpotjack] 01/2/2021 22:12

Exactly, us bears have dropped the ball :-)

[superiorshares] 01/2/2021 22:02

Ultra positives.
This shift to green energy.
What are the margins on that please ?
Also as the profit is determined by the Government of the day . Ie the tariff they are willing to provide from the Taxpayer. Do you think that the debt Corona will leave Governments in . The profit green energy companies get from the Tariffs will be wafer thin ?

[belzoni] 01/2/2021 21:28

US... 270.7

[pander45] 01/2/2021 21:18

Not looking too bad across the pond in PM trading.

[sbb1x] 01/2/2021 20:44

Wall Street analysts say Chevron merger talks a sideshow before Exxon loss #OOTT https://t.co/sOCBq6F9qg

[csalvage] 01/2/2021 20:17

Brent up over 2.5% that and some ok results tomorrow we could have a blue day.

[jackpotjack] 01/2/2021 19:53

Let's see what results say tomorrow before we all run for the hills.US pretty flat atm

[blueball] 01/2/2021 19:41

Bears are in full control.

[irish luck] 01/2/2021 19:40

It would seem to me the institutions have been shedding stock prior to the results.
Just look at that down channel, what does that tell you, good results, hmmm.
If your not sure never buy ahead of results. Hope im wrong for you guys.

[boozey] 01/2/2021 19:03

Results tomorrow - am fully loaded. More assets sold, shift to renewables. We will be sitting in a BP coffee shop in 2030 while the battery charges instead of filling up with petrol. Wonder if part of the shift to renewables will be to buy coffee plantations. How the world is changing.

[irish luck] 01/2/2021 18:05

Slinky

Gaps are caused when the share price starts at a higher or lower price than the previous close. This means the big lads have position, either long or short at that level. Thats why THEY move the price to let them cover THERE positions. Gaps are serious levels for the
big guys, for example watch say the ftse, see the red line close and watch it come back to cross that level next day. Never under estimate gaps as trivial.
BP will recover, not sure when this down channel will turn, and for sure there will be some movement when they report earnings.

I really hope you guys make money, but maybe take the rose coloured glasses off now and then to see a realistic picture.

[counterpartymw] 01/2/2021 17:56

If the oil price does soar over the coming years, that could be a bit embarassing for their new strategy, having sold off oil related assets and decreased production, they would emerge a smaller oil player and could be left holding a bag of expensive and poor margin renewable projects. This could be just the usual cyclical nature of oil and with future sky high prices, they may be selling at the bottom due to fear and activist pressure. We'll have to see, but if oil does rise Exxon will do better as they are actually increasing production.

[slinkyj] 01/2/2021 17:52

I've made my buys, I trust my advice. if it drops to fill a silly tiny gap in the morning I'm not going to be selling to add to the craziness I'm holding, it will be back over 300 soon after. Your just very lucky with your gaps calls and getting a bit over confident in your beliefs. Market momentum is the factor imo, they drops just happen to cross gaps you call that need filling. Just luck! Do you think people who buy or sell stocks really want to allow a gap to be filled regardless of market conditions. For example, say maybe the 220 gap gets filled in 15 years time when another world changing event happens, can you really say that it happened just to fill a gap. I mean it just sounds stupid, it's not a video game. Bring on tomorrow, I'll take all the slanderous remarks with respect. But don't run off and go quiet when it hasn't gone your way

[la forge] 01/2/2021 17:44

BP sells 20% stake in gas project as it comes one step closer to $25bn divestment programme by 2025

BP signed a production sharing ‎agreement for the Block 61 site in 2007

The firm recently finalised the sale of its petrochemicals business to Ineos

Bernard Looney wants BP to commit $5bn p.a. to renewable projects by 2030

By Harry Wise For This Is Money

Published: 16:22 GMT, 1 February 2021 | Updated: 17:37 GMT, 1 February 2021




BP is selling a third of its stake in an Omani gas development to a subsidiary of Thailand's largest corporation that it said 'marks another significant step' in its divestment strategy.

The group stated that it has agreed a $2.6billion (£1.9billion) offer for 20 per cent of the Block 61 site from PTT Exploration and Production and is hoping to complete the transaction later this year.

It still remains the largest stakeholder in the project though, holding a 40 per cent share, with another 30 per cent controlled by Oman's state-run energy firm OQ and the final 10 per cent owned by Malaysia's Petronas.
BP still retains a 40 per cent interest in the Block 61 project. Another 30 per cent is controlled by Oman's state-run energy firm OQ and the final 10 per cent is owned by Malaysia's Petronas
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BP still retains a 40 per cent interest in the Block 61 project. Another 30 per cent is controlled by Oman's state-run energy firm OQ and the final 10 per cent is owned by Malaysia's Petronas

The deal forms part of its plan to divest $25billion worth of assets by 2025, and comes exactly a month after it finalised the sale of its petrochemicals business to Ineos for $5billion (£3.6billion).

Block 61 is the largest tight gas field in the Middle East, can provide 35 per cent of Oman's gas demand, and has a combined production capacity of 1.5 billion cubic feet of gas every day, according to BP.

Its interest in the development dates back to 2007 when the FTSE 100 firm signed a production sharing ‎agreement for the site. It eventually began production on the site's ‎Khazzan gas field in 2017 and then the Ghazeer field four months ago.




Chief executive Bernard Looney said: 'We are pleased to welcome PTTEP to the successful Block 61 partnership. Block 61 is a pioneering development that has applied leading techniques and technologies to maximise efficiency and minimise emissions.'

He insisted BP remained 'committed' to working in Oman, adding that 'this agreement allows us to remain at the heart of this world-class development while also making important progress in our global divestment programme.'

Under his leadership, which reaches its one-year anniversary on Friday, he has vowed to make BP a net zero company by 2050, and annually dedicate $5billion of expenditure towards renewable energy projects by 2030.
BP boss Bernard Looney insisted BP remained 'committed' to working in Oman, adding that 'this agreement allows us to remain at the heart of this world-class development'
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BP boss Bernard Looney insisted BP remained 'committed' to working in Oman, adding that 'this agreement allows us to remain at the heart of this world-class development'

This will partly come from the offloading of carbon-heavy assets, such as the recent $5.6billion sale of its 49 per cent stake in the Trans-Alaska Pipeline System, with some of the proceeds from the sales being spent on green energy projects.

These include a partnership with Equinor to fund two offshore wind projects off the North Atlantic coast, and its purchase of a majority stake in Finite Carbon, the largest offset developer in the United States.

The move into green energy has been further motivated by the group's soaring losses over the last year following the dramatic collapse in oil prices brought about by the coronavirus pandemic and a price war between Russia and Saudi Arabia.
BP wants to dedicate $5billion of expenditure towards renewable energy projects by 2030
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BP wants to dedicate $5billion of expenditure towards renewable energy projects by 2030

Falling demand for oil products has also badly hurt the business along with the wider petroleum sector, as consumers have travelled less often, and BP has had to write down a considerable proportion of its assets and cut its dividend.

Other cost-cutting measures have included the sale of its St James's Square headquarters in London to Hong Kong-based Lifestyle International for £250million and a planned 10,000 reduction in staff numbers.

Losses soared to a massive $17.6billion in the second quarter of 2020, though it made only $664million in the following quarter as its wrote down fewer assets than expected.

Shares in BP closed trading 1.6 per cent down at 267.1p.