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BP (BP)

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Arborbridge
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Re: BP (BP)

#316452

Postby Arborbridge » June 8th, 2020, 4:38 pm

PinkDalek wrote:
dealtn wrote:Reports of e-mail to staff at BP announcing 10,000 job cuts.


https://finance.yahoo.com/news/bp-cut-10-000-jobs-120734738.html

LONDON (AP) — Energy producer BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.
Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. ...


Classic stock market relief here: terrible news and price up 1% today or 15% on the week. :roll:

dealtn
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Re: BP (BP)

#316454

Postby dealtn » June 8th, 2020, 4:43 pm

Arborbridge wrote:
PinkDalek wrote:
dealtn wrote:Reports of e-mail to staff at BP announcing 10,000 job cuts.


https://finance.yahoo.com/news/bp-cut-10-000-jobs-120734738.html

LONDON (AP) — Energy producer BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.
Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. ...


Classic stock market relief here: terrible news and price up 1% today or 15% on the week. :roll:


Er, good news.

A company willing to address issues and deal with costs rather than continue as is.

Arborbridge
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Re: BP (BP)

#316476

Postby Arborbridge » June 8th, 2020, 5:44 pm

dealtn wrote:
Arborbridge wrote:
PinkDalek wrote:
https://finance.yahoo.com/news/bp-cut-10-000-jobs-120734738.html

LONDON (AP) — Energy producer BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the oil and gas industry.
Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP's global workforce of 70,000 people and come mostly this year. ...


Classic stock market relief here: terrible news and price up 1% today or 15% on the week. :roll:


Er, good news.

A company willing to address issues and deal with costs rather than continue as is.


Yes, of course, I do reallise that, but it's always an interesting phenomenon. Make massive losses, fire loads of people so they are destitute: hurrah! hurrah! let's celebrate.

Arb.

dealtn
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Re: BP (BP)

#316491

Postby dealtn » June 8th, 2020, 6:52 pm

Arborbridge wrote:
dealtn wrote:
Arborbridge wrote:
Classic stock market relief here: terrible news and price up 1% today or 15% on the week. :roll:


Er, good news.

A company willing to address issues and deal with costs rather than continue as is.


Yes, of course, I do reallise that, but it's always an interesting phenomenon. Make massive losses, fire loads of people so they are destitute: hurrah! hurrah! let's celebrate.

Arb.


I hear what you are saying but I don't think the stockmarket does "emotions" and that is what we are talking about.

The patient is sick, someone has found some medicine. It's not clear if the medicine will be effective, the patient might not survive, or at least won't be the strong healthy individual it once was, but the outcome is looking a little better than it was. Stretching the analogy a little further it might be in order to survive parts might need to be amputated etc.

Arborbridge
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Re: BP (BP)

#316525

Postby Arborbridge » June 8th, 2020, 9:14 pm

dealtn wrote:
Arborbridge wrote:
dealtn wrote:
Er, good news.

A company willing to address issues and deal with costs rather than continue as is.


Yes, of course, I do reallise that, but it's always an interesting phenomenon. Make massive losses, fire loads of people so they are destitute: hurrah! hurrah! let's celebrate.

Arb.


I hear what you are saying but I don't think the stockmarket does "emotions" and that is what we are talking about.

The patient is sick, someone has found some medicine. It's not clear if the medicine will be effective, the patient might not survive, or at least won't be the strong healthy individual it once was, but the outcome is looking a little better than it was. Stretching the analogy a little further it might be in order to survive parts might need to be amputated etc.


I not sure I agree about the market not doing emotions. It's more likely that it does emotions big time - it is the result of the emotions of the sum total of investors - otherwise we would not see the wild swings which we occasionally do.

Arb.

idpickering
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Re: BP (BP)

#318444

Postby idpickering » June 15th, 2020, 7:08 am

BP. revises price assumptions;expects charges at 2Q

In mid-February, BP p.l.c. (bp) laid out a new purpose - to reimagine energy for people and our planet - and its ambition to become a net zero company by 2050 or sooner and to help the world get to net zero. Since then, bp has focused its work in three key areas:

· Developing its strategy to create a more diversified, resilient and lower-carbon energy company

· Reinventing bp into a leaner, faster-moving and lower cost organisation

· Strengthening its finances in response to the challenging environment.

As part of its strategy development, bp has been reviewing its portfolio and its capital development plans. This work is informed by bp's views of the long-term price environment and its balanced investment criteria. Together these create a framework that seeks to ensure investments align with its strategy and add shareholder value.

In addition, with the COVID-19 pandemic having continued during the second quarter of 2020, bp now sees the prospect of the pandemic having an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period.

https://www.investegate.co.uk/bp-plc--b ... 00109344P/

Itsallaguess
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Re: BP (BP)

#318446

Postby Itsallaguess » June 15th, 2020, 7:12 am



Further into the above RNS release from BP this morning is this statement -

As a result of all the above, BP has revised its long-term price assumptions, lowering them and extending the period covered to 2050 so that it is now consistent with its ambition horizon.

As part of its long-term strategic planning, and in the context of its continuing focus on capital discipline, BP is also reviewing its intent to develop some of its exploration intangible assets.

These actions will lead to non-cash impairment charges and write-offs in the second quarter, estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax.


Cheers,

Itsallaguess

dealtn
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Re: BP (BP)

#318518

Postby dealtn » June 15th, 2020, 11:10 am

Itsallaguess wrote:


Further into the above RNS release from BP this morning is this statement -

As a result of all the above, BP has revised its long-term price assumptions, lowering them and extending the period covered to 2050 so that it is now consistent with its ambition horizon.

As part of its long-term strategic planning, and in the context of its continuing focus on capital discipline, BP is also reviewing its intent to develop some of its exploration intangible assets.

These actions will lead to non-cash impairment charges and write-offs in the second quarter, estimated to be in an aggregate range of $13 billion to $17.5 billion post-tax.


Cheers,

Itsallaguess


Can't think of a better time to make a huge non-cash impairment charge to be honest.

XFool
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Re: BP (BP)

#318542

Postby XFool » June 15th, 2020, 1:07 pm

Arborbridge wrote:I not sure I agree about the market not doing emotions. It's more likely that it does emotions big time - it is the result of the emotions of the sum total of investors - otherwise we would not see the wild swings which we occasionally do.

Arb.

I wonder if, nowadays, that is so much a reflection of "emotions" as opposed to algorithmic/computerised trading systems?

TheMotorcycleBoy
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Re: BP (BP)

#318724

Postby TheMotorcycleBoy » June 16th, 2020, 4:49 am

And...

https://uk.reuters.com/article/uk-bp-wr ... KKBN23M0N3

BP will write down another $8-$11 billion of the value of so-called property, plant & equipment (PP&E), or producing assets, which totalled $130 billion.

The large impairment relates will lower BP’s asset value by around 10%, pushing the ratio of equity to debt, known as gearing, to about 48% in the second quarter, RBC Capital Markets said in a note.

At such levels, the company will need to lower its dividend, the bank said.

idpickering
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Re: BP (BP)

#322524

Postby idpickering » June 29th, 2020, 12:22 pm

BP. agrees to sell its petrochemicals business to INEOS

· $5 billion deal for bp's global aromatics, acetyls and related businesses

· Next strategic step in focusing portfolio as part of reinventing bp

· Further strengthens bp's finances, delivers $15 billion divestment target a year early

bp today announced that it has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion, subject to customary adjustments. The agreed sale, the next strategic step in reinventing bp, will further strengthen bp's balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled.


https://www.investegate.co.uk/bp-plc--b ... 40013625R/

Evidently this has been well received, with BP. being up nearly 3% as I type. With all this dosh in BP.'s coffers, maybe my fears of the dividend perhaps being cut are unfounded? ;)

ian.

88V8
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Re: BP (BP)

#322855

Postby 88V8 » June 30th, 2020, 10:54 pm

idpickering wrote:With all this dosh in BP.'s coffers, maybe my fears of the dividend perhaps being cut are unfounded?

With the quarterly divi, one will soon know whether they are going to cut it more, or less.

V8 (holds)

Alaric
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Re: BP (BP)

#322865

Postby Alaric » June 30th, 2020, 11:38 pm

idpickering wrote:With all this dosh in BP.'s coffers, maybe my fears of the dividend perhaps being cut are unfounded?


If it does maintain the dividend, then it would appear to be selling assets to do so.

It's not that unusual for a dividend to be sustained by running down capital assets.

dealtn
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Re: BP (BP)

#322939

Postby dealtn » July 1st, 2020, 11:46 am

Alaric wrote:
idpickering wrote:With all this dosh in BP.'s coffers, maybe my fears of the dividend perhaps being cut are unfounded?


If it does maintain the dividend, then it would appear to be selling assets to do so.

It's not that unusual for a dividend to be sustained by running down capital assets.


And its also not unusual for such companies to eventually run out of Capital (or eventually amend their dividend policy).


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