Bp Share Discussion Threads

[spacecake] 03/5/2022 08:45

"More Gulf of Mexico oil and gas helps improve emissions globally," Starlee Sykes, BP's Senior Vice President for the Gulf of Mexico and Canada, said at the Offshore Technology Conference (OTC) in Houston.

That has to be the craziest greenwash statement ever !

[scruff1] 03/5/2022 08:37

BBC on form. BP profits of 6 billion. It forgot to add the dollars bit. I will bet that losses will be reported in GBP. Great company the BBC

[scruff1] 03/5/2022 08:37

BBC on form. BP profits of 6 billion. It forgot to add the dollars bit. I will bet that losses will be reported in GBP. Great company the BBC

[waldron] 03/5/2022 08:29

BP PLC on Tuesday reported impairments of $25.5 billion following the decision to exit its 19.75% shareholding in Russia's Rosneft Oil Co.

These non-cash charges included $24.0 billion on the exit from Rosneft's share capital, and $1.5 billion related to BP's other businesses with Rosneft in Russia.

As a result, the British energy major booked a net loss of $20.38 billion for the first quarter of the year--compared with a $2.33 billion profit in the fourth quarter of 2021.

"Our decision in February to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss we reported today. But it has not changed our strategy, our financial frame, or our expectations for shareholder distributions," Chief Executive Bernard Looney said. As part of the exit from Rosneft, Mr. Looney in February resigned from the board of the Russian company.

Underlying replacement cost profit, the company's preferred metric, rose to $6.25 billion in the first quarter from $4.07 billion, reflecting exceptional oil and gas trading profits, higher oil realizations and a stronger refining result. This was above the market consensus of $4.49 billion compiled by BP and averaged from 26 brokers.

Operating cash flow increased to $8.21 billion from $6.12 billion. Net debt was reduced to $27.46 billion from $30.61 billion.

BP declared a dividend of 5.46 cents a share for the first quarter, in line with the immediately prior period, and a buyback of $2.5 billion to be executed before its second-quarter results. This represents an increase compared with share repurchases of $1.6 billion during the first quarter.

As for the second quarter, BP forecast that its upstream production will fall reflecting base decline, seasonal maintenance and the absence of output from joint ventures in Russia. However, refining margins are expected to be higher and energy prices are expected to remain elevated.

For the full year 2022, BP continues to expect broadly flat upstream production despite the exit from Russia.



Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT



(END) Dow Jones Newswires

May 03, 2022 02:50 ET (06:50 GMT)

[hazl] 03/5/2022 08:13

The rise had to happen....didn't it?

[tygarreg] 03/5/2022 07:56

Also BP are a mainstay of everyone's savings, isa's and pension pots. They recirculate billions into our economy every year so windfall taxing these companies is counter productive. Stupid labour! Also of course they have large debt balances from covid years and macondo

[planit2] 03/5/2022 07:52

All the negative talk about fossil fuels has already resulted in much lower investment over the last few years and is responsible for the situation we are now in.

More talk and higher taxes will only make the problem worse going forwards.

Also US not coming to the rescue (production falling since Nov 2021):

[smurfy2001] 03/5/2022 07:52

Immense profit. Near $3bn reduction in debt too and continued buybacks.

—
Net debt* reduced to $27.5 billion; further $2.5 billion share buyback
announced

-- At the end of the first quarter, net debt* was $27.5 billion, compared with $30.6 billion at the end of the fourth quarter 2021 and $33.3 billion at the end of the first quarter 2021.

— Underlying replacement cost profit* was $6.2 billion,
compared with $4.1 billion for the previous quarter.

[veryniceperson] 03/5/2022 07:52

2.5 billion buybacks that's roughly 650 million shares in 3 months. Quite a few!

[tuftymatt] 03/5/2022 07:47

Taxing bumper profits is crazy talk as the tax levels for all need to be set correctly to avoid the economic situation we are heading towards.

Too much ideal world talk and not enough action in between crisis situations by governments the World over is my opinion.

[planit2] 03/5/2022 07:39

On the plus side I get a current PE of 3.76 currently on RC profit

385p / (4 * 32cents/1.25)

So with all these negative factors for the share price the buybacks are concentrating the profit fast.

[tygarreg] 03/5/2022 07:38

George stopit. 12 years? Really? Been coming out with that sheet since nostradamus.Tree huggers have given us ten years before we are under water for last 50 years! Not seen the slightest increase in sea level in my 67 years. Erosion keeps eroding somewhere and depositing elsewhere since time began. Then we have BP who have invested more in renewables than anyone else and you think they are evil.

[daler1966] 03/5/2022 07:29

If Putin pushes the button UK gone IN 202seconds.....

[tygarreg] 03/5/2022 07:29

How are labour allowed to lie about oil firms making a fortune in their party political broadcasts??Today BP announced a $20billion loss thanks to losing their Russian interests. Labour say how bumper profits should be taxed. Have they forgotten that 18 months ago the price of oil was actually minus!!!!!Have they not seen the devastation and decay in Aberdeen as oil has crumbled. Did they not notice that snp have no future revenue to prop up their independence. Yet that is labours mythical source of revenue to support the poor!

[george stobbart] 03/5/2022 07:26

if you are still investing in oil stocks like BP youu are effectively a bigot

the planet will end in 12 years if we don't act now

avoid oil, apart from Argan and Hemp oil that are very soft and good for my skin

you don't want to be funding the murderers of this planet

[richvandam] 03/5/2022 07:21

If I see the words “resilient dividend at 60USD/bbl” once more I think I’m gonna kill someone…

60…what the absolute fk

[richvandam] 03/5/2022 07:14

No dividend raise…fk U BP…

[hellscream] 03/5/2022 06:09

all left wing papers saying shareholders are swimming in cash, ill class getting my money back as a win... its that bad.

[nk104] 02/5/2022 13:00

Should also be considered that $100 oil isn't expensive compared to other peaks once inflation is taken into account.

If this is the benchmark for consideration of 'windfall taxes' then these aren't going to be rare events.

[hellscream] 02/5/2022 04:41

why arnt the government worried about housing going up £30,000 a year?

why arnt the bank of england doing its job? inflation hitting 10% in the summer and base rates still at 0%? must be BP and shells fault.

what do people want? BP and shell to sell oil at half price? oil markets are asking $107 a barrel. thats like me asking a home seller to sell there house at half price to me. what would they say to me? supply and demand!!

[hellscream] 02/5/2022 04:35

the chancellor gave away £50 billion on fake covid loans, hes gotta cheek to scapegoat oil companys. he wasted £300 billion on covid while in reality all those under 50 should of worked though it.

hes looking for easy targets. country is over spending and over borrowing.

[nk104] 01/5/2022 16:44

It's the problem with the country. Everyone pretends that 'someone else' will pay - whether for utility bills or higher spending in general.

The notion that BP and Shell are going to sit still to pay everyone's fuel bills is fanciful.

I said a few months back that BP should consider changing domicile. That still applies - better to have a stable financial environment than be a whipping boy.