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BP (BP)

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idpickering
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Re: BP (BP)

#663225

Postby idpickering » May 7th, 2024, 7:07 am

First quarter results and dividend announcement

Highlights

• Resilient financial and operational performance: Adjusted EBITDA $10.3 billion; underlying RC profit $2.7 billion; upstream* production grew +2.1% vs 1Q23; start up of new Azeri Central East (ACE) platform in Caspian Sea

• Growing shareholder distributions: 1Q24 $1.75 billion share buyback announced as part of our $3.5 billion commitment for the first half of 2024; Dividend per ordinary share of 7.270 cents

• Focus on delivering our six priorities: announcement to simplify organizational structure; target to deliver at least $2 billion of cash cost* savings by the end of 2026

We've delivered another resilient quarter financially and continued to make progress on our strategy. Oil production was up and our ACE platform in the Caspian is now producing. We are simplifying and reducing complexity across bp and plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs.
Murray Auchincloss

Chief executive officer

And l;ater;

BP. today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 28 June 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 17 May 2024. The ex-dividend date will be 16 May 2024. The corresponding amount in sterling is due to be announced on 11 June 2024, calculated based on the average of the market exchange rates over three dealing days between 5 June 2024 and 7 June 2024. Holders of ADSs are expected to receive $0.43620 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme.


https://www.investegate.co.uk/announcem ... -1/8177398

Ian.

idpickering
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Re: BP (BP)

#663345

Postby idpickering » May 8th, 2024, 7:04 am

Share Repurchases.

BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").

The purpose of the Programme is to reduce the issued share capital of the Company.

The maximum amount allocated to the Programme is around $1.75 billion for a period up to and including 26 July 2024.

The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.


https://www.investegate.co.uk/announcem ... es/8180771

Ian.

idpickering
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Re: BP (BP)

#668470

Postby idpickering » June 11th, 2024, 3:48 pm

First quarter interim dividend for 2024 - Payments of dividends in sterling

On 7 May 2024, the Directors of BP p.l.c. announced that the interim dividend for the first quarter of 2024 would be US$0.07270 per ordinary share (US$0.4362 per ADS). This interim dividend is to be paid on 28 June 2024 to shareholders on the share register on 17 May 2024. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2024 dividend. Dividend reinvestment plans have been made available for this dividend for ordinary shareholders and ADS holders (subject to certain exceptions) to receive additional bp shares.

Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 5 June and 7 June 2024 (£1 = US$1.27937). Accordingly, the amount of sterling dividend payable in cash on 28 June 2024 will be:

5.6825 pence per share.


https://www.investegate.co.uk/announcem ... ng/8253235

Ian (I hold).

idpickering
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Re: BP (BP)

#673525

Postby idpickering » July 9th, 2024, 7:05 am

Second quarter 2024 trading statement.

Updated 2Q24 guidancea

• Upstream productionb in the second quarter is now expected to be broadly flat compared to the prior quarter, with production broadly flat in oil production & operations and slightly lower in gas & low carbon energy.

• In the gas & low carbon energy segment, realizationsc, compared to the prior quarter, are expected to have an adverse impact of around $0.1 billion, including declines in non-Henry Hub natural gas marker prices. The gas marketing and trading result is expected to be average following a strong result in the first quarter.

• In the oil production & operations segment, realizationsc, compared to the prior quarter, are expected to have a favourable impact in the range of $0.1 - 0.3 billion, including the impact of price lags on bp's production in the Gulf of Mexico and the UAE.

• In the customers and products segment, compared to the prior quarter, results are expected to be impacted by the following factors:

◦ customers - stronger fuels margins and convenience performance, and seasonally higher volumes.

◦ products - significantly lower realized refining margins, expected to have an adverse impact in the range of $0.5 - 0.7 billion mainly relating to weaker middle distillate margins and narrower North American heavy crude oil differentials, and a higher level of turnaround activity, partially offset by the absence of the first quarter Whiting refinery outage of around $0.5 billion. The oil trading result is expected to be weak following a strong result in the first quarter.

• Other items: The second quarter results are expected to include post tax adverse adjusting items relating to asset impairments and associated onerous contract provisions in the range of $1.0 - 2.0 billion. This includes charges relating to the ongoing review of our Gelsenkirchen refinery in Germany that was announced in March.

a All impacts influence bp's underlying RC profit before interest and tax, unless stated otherwise.

b Includes bp's share of production of equity-accounted entities.

c Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.

Trading conditions

Brent averaged $84.97/bbl in the second quarter 2024 compared to $83.16/bbl in the first quarter 2024.

US gas Henry Hub first of month index averaged $1.89/mmBtu in the second quarter compared to $2.25/mmBtu in the first quarter 2024.

The bp refining marker margin averaged $20.6/bbl in the second quarter compared to $20.6/bbl in the first quarter 2024.


https://www.investegate.co.uk/announcem ... -1/8300298

Ian (I hold).

idpickering
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Re: BP (BP)

#673564

Postby idpickering » July 9th, 2024, 10:16 am

The above hasn't gone down well it seems, with BP. being down 3.5% on the UK market as I type.

I'm holding firm and thinking longer term than just today. ;)

Ian.

idpickering
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Re: BP (BP)

#675650

Postby idpickering » July 23rd, 2024, 7:14 am

Preliminary announcement on the publication of financial statements.

BP p.l.c. ("bp") announces in accordance with Articles 114, 115 and 117 of the WpHG (the German Securities Act) that the second quarter and half-yearly financial report 2024 in English shall be disclosed on 30 July 2024 and can be found at the following web address:

https://www.bp.com/en/global/corporate/ ... tions.html


https://www.investegate.co.uk/announcem ... te/8324573

Ian (I hold).

idpickering
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Re: BP (BP)

#676740

Postby idpickering » July 30th, 2024, 7:11 am

BP p.l.c. Group results Second quarter and first half 2024

Highlights

Strong operating cash flow and lower net debt: underlying RC profit $2.8 billion; strong operating cash flow of $8.1 billion; net debt reduced to $22.6 billion.
Robust operations: 2Q24 bp-operated upstream plant reliability* 96.1%; 2Q24 bp-operated refining availability* 96.4%.
Growing shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 2Q24, delivering on our commitment to announce $3.5 billion for the first half of 2024; committed to announcing $3.5 billion share buyback for the second half of 2024.
Six priorities in action: Advancing growth projects, taking FID on Kaskida in Gulf of Mexico; re-focusing bioenergy business with agreement to take full ownership of bp Bunge Bioenergia and high grading biofuels portfolio.

And later;

Dividends payable

bp today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 20 September 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 9 August 2024. The ex-dividend date will be 8 August 2024 for ordinary shareholders and 9 August 2024 for ADS holders. The corresponding amount in sterling is due to be announced on 3 September 2024, calculated based on the average of the market exchange rates over three dealing days between 28 August 2024 and 30 August 2024. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the second quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.


https://www.investegate.co.uk/announcem ... -1/8337299

Ian (I hold).

idpickering
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Re: BP (BP)

#682391

Postby idpickering » September 3rd, 2024, 4:50 pm

Second quarter interim dividend for 2024 Payments of dividends in sterling.

On 30 July 2024, the Directors of BP p.l.c. announced that the interim dividend for the second quarter of 2024 would be US$0.08 per ordinary share (US$0.48 per ADS). This interim dividend is to be paid on 20 September 2024 to shareholders on the share register on 9 August 2024. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. The board has decided not to offer a scrip dividend alternative in respect of the second quarter 2024 dividend. Dividend reinvestment plans have been made available for this dividend for ordinary shareholders and ADS holders (subject to certain exceptions) to receive additional bp shares.

Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the three dealing days between 28 August and 30 August 2024 (£1 = US$1.32236). Accordingly, the amount of sterling dividend payable in cash on 20 September 2024 will be:

6.0498 pence per share.


https://www.investegate.co.uk/announcem ... ng/8396839

Ian (I hold).

idpickering
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Re: BP (BP)

#688533

Postby idpickering » October 11th, 2024, 7:04 am

Third quarter 2024 trading statement.

The following Trading Statement provides a summary of BP p.l.c.'s (bp) current estimates and expectations for the third quarter of 2024, including data on the economic environment as well as group performance during the period.

The information presented is not comprehensive of all factors which may impact bp's group results for the third quarter 2024 and is not an estimate of those results. Also refer to bp's second quarter and first half 2024 group results announcement on 30 July 2024 for third quarter and full year 2024 guidance items which continue to apply unless explicitly stated. A summary of that guidance is also provided in the Appendix to this Trading Statement. All information provided is subject to the finalization of bp's financial reporting processes and actual results may vary.

bp's group results for the third quarter 2024 are expected to be published on 29 October 2024.

Updated 3Q24 guidancea

• Upstream productionb in the third quarter is now expected to be broadly flat compared to the prior quarter, with production broadly flat in oil production & operations and in gas & low carbon energy.

• In the gas & low carbon energy segment, realizationsc, compared to the prior quarter, are expected to have a favourable impact of around $0.1 billion, including changes in non-Henry Hub natural gas marker prices. The gas marketing and trading result is expected to be average.

• In the oil production & operations segment, realizationsc, compared to the prior quarter, are expected to have an unfavourable impact in the range of $0.1 - 0.3 billion, including the impact of price lags on bp's production in the Gulf of Mexico and the UAE. There is also expected to be an unfavourable impact in the range of $0.2 - 0.3 billion, compared to the prior quarter, as a result of higher exploration write-offs.

• In the customers and products segment, compared to the prior quarter, results are expected to be impacted by the following factors:

◦ customers - broadly flat fuels margins, seasonally higher volumes partly offset by costs.

◦ products - weaker realized refining margins in the range of $0.4 - 0.6 billion and the oil trading result is expected to be weak.

• Other items: Net debt at the end of the quarter is now expected to be higher, driven primarily by the impact of weaker realized refining margins and by the rephasing of around $1 billion of divestment proceeds into the fourth quarter.


https://www.investegate.co.uk/announcem ... -1/8479563

Ian (I hold).

idpickering
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Re: BP (BP)

#691587

Postby idpickering » October 29th, 2024, 7:06 am

3Q24 SEA Part 1 of 1.

Highlights

• Resilient operations: 3Q24 upstream production 2.4mmboe/d; 3Q24 refining availability 95.6%.

• Focus and efficiencies: in action to deliver at least $2 billion of sustainable cash cost* savings.

• Growth and access: Signed two memorandums of understanding to join SOCAR in two exploration and development blocks offshore Azerbaijan and to negotiate a material integrated redevelopment programme for the Kirkuk region; Completed the bp Bunge Bioenergia and Lightsource bp transactions in 4Q.

• Shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 3Q24, as part of our commitment to announce $3.5 billion for the second half of 2024.


We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value. In oil and gas, we see the potential to grow through the decade with a focus on value over volume. We also have a deep belief in the opportunity afforded by the energy transition - we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business. I am absolutely clear that the actions we are taking will grow the value of bp.

Murray Auchincloss
Chief executive officer

And later;

Dividends payable

BP today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 20 December 2024 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 8 November 2024. The ex-dividend date will be 7 November 2024 for ordinary shareholders and 8 November 2024 for ADS holders. The corresponding amount in sterling is due to be announced on 5 December 2024, calculated based on the average of the market exchange rates over three dealing days between 29 November 2024 and 3 December 2024. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the third quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the third quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.


https://www.investegate.co.uk/announcement/rns/bp--bp./3q24-sea-part-1-of-1/8514426

Ian (I hold).

idpickering
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Re: BP (BP)

#691619

Postby idpickering » October 29th, 2024, 8:55 am

I don't think the above link to the RNS works?

Here it is again;

https://www.investegate.co.uk/announcem ... -1/8514426

Ian.

idpickering
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Re: BP (BP)

#691681

Postby idpickering » October 29th, 2024, 12:55 pm

Share Repurchases.

BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").

The purpose of the Programme is to reduce the issued share capital of the Company.

The maximum amount allocated to the Programme is around $1.75 billion for a period up to and including 7 February 2025.

The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.


https://www.investegate.co.uk/announcem ... es/8515196

Ian.

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Re: BP (BP)

#698740

Postby daveh » December 5th, 2024, 9:07 am

Sterling dividends:
https://www.investegate.co.uk/announcem ... ng/8592524

Accordingly, the amount of sterling dividend payable in cash on 20 December 2024 will be:



6.2959 pence per share.

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Re: BP (BP)

#699531

Postby daveh » December 10th, 2024, 7:23 am

I'm seeing reports that BP is setting up a joint venture with Jera of Japan and moving all their wind developments to it, and reducing investment in renewables going forward. Announced on the BP website but no RNS.

idpickering
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Re: BP (BP)

#699537

Postby idpickering » December 10th, 2024, 8:02 am

daveh wrote:I'm seeing reports that BP is setting up a joint venture with Jera of Japan and moving all their wind developments to it, and reducing investment in renewables going forward. Announced on the BP website but no RNS.


Thanks for bringing this up. Here it is;

BP. and JERA joining forces to create top-tier global offshore wind joint venture

Creating strategic platform for growth, combining high-quality operating and development offshore wind assets, with total 13GW potential net generating capacity.
Building on history of partnership and combining complementary expertise, standalone 50:50 venture initially to progress existing advanced developments from extensive portfolio.
Agreed funding model to support highly disciplined, capital efficient growth, including accessing competitive financing, portfolio optimisation, and defined capital investment plans from partners.


https://www.bp.com/en/global/corporate/ ... iness.html

Ian (I hold BP.).

idpickering
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Re: BP (BP)

#705892

Postby idpickering » January 14th, 2025, 7:06 am

Fourth quarter 2024 trading statement.

Updated 4Q24 guidancea

• Upstream productionb in the fourth quarter is expected to be lower compared to the prior quarter, with production lower in oil production & operations and in gas & low carbon energy.

• In the gas & low carbon energy segment, realizationsc, compared to the prior quarter, are expected to have a favourable impact in the range of $0.1 - 0.2 billion including changes in non-Henry Hub natural gas marker prices. The gas marketing and trading result is expected to be average.

• In the oil production & operations segment, realizationsc, compared to the prior quarter, are expected to have an unfavourable impact in the range of $0.2 - 0.4 billion, including the impact of price lags on bp's production in the Gulf of Mexico and the UAE. Compared to the prior quarter, exploration write-offs are expected to be $0.1 - 0.2 billion lower.

• In the customers & products segment, compared to the prior quarter, results are expected to be impacted by the following factors:

◦ customers - seasonally lower volumes, lower fuels margins, foreign exchange losses, and a one-off inventory purchase price adjustment relating to our bio-ethanol acquisition.

◦ products - weaker realized refining margins in the range of $0.1 - 0.3 billion and a higher impact from turnaround activity. The oil trading result is expected to be weak.

• Other items:

◦ Net debt at the end of the quarter is expected to be lower compared the prior quarter, including proceeds from divestments of around $2.8 billion, the issuance of around $2.5 billion perpetual hybrid bonds primarily in anticipation of refinancing perpetual hybrid bonds callable from June 2025 and/or March 2026, and acquired net debt of around $3.0 billion from the completion of the bp Bunge Bioenergia and Lightsource bp transactions.

◦ The fourth quarter results are expected to include non-cash, post-tax charges related to impairments of $1.0 - 2.0 billion attributable across the segments. These items are treated as adjusting items and excluded from underlying replacement cost profit.


https://www.investegate.co.uk/announcem ... -1/8686458

Ian.

idpickering
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Re: BP (BP)

#709712

Postby idpickering » February 4th, 2025, 2:08 pm

BP puts the brakes on multimillion-dollar renewables project Down Under.

UK supermajor to “rephase” Kwinana fuels scheme as costs escalate


https://www.upstreamonline.com/hydrogen ... -1-1774260

Ian.

Whatsitworth
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Re: BP (BP)

#710666

Postby Whatsitworth » February 8th, 2025, 11:58 pm


torata
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Re: BP (BP)

#710789

Postby torata » February 10th, 2025, 1:26 am

Whatsitworth wrote:https://www.bloomberg.com/news/articles/2025-02-08/activist-elliott-said-to-build-stake-in-struggling-oil-major-bp

Interesting


This is reported in the FT also:
"Activist hedge fund Elliott builds stake in struggling BP"
https://www.ft.com/content/0fe68734-0a90-4824-ba84-8a3cd39a0bc3

Google search on the title should get you in without a subscription, but I notice it's been archived
already:
https://archive.md/lB15O

torata

idpickering
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Re: BP (BP)

#711004

Postby idpickering » February 11th, 2025, 7:05 am

4Q24 SEA Part 1 of 1

Highlights

• Financial and operational performance: 2024 Operating cash flow $27.3bn; 2024 Adjusted EBITDA $38.0bn; 2024 upstream production 2,358mmboe/d, 2.0% higher than 2023.

• Driving focus and efficiency: High-grading portfolio, agreed to form offshore wind JV with JERA Co.,Inc, divesting non-core assets. We delivered $0.8 billion structural cost reduction* in 2024.

• Growing our portfolio: FID taken on 10 major projects*, including Tangguh UCC project in Papua Barat, Indonesia; established a new gas joint venture, Arcius Energy with XRG; signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country's oil production; Start up of new Azeri Central East (ACE) platform in Caspian Sea in 2Q24.

• Shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 4Q24.

In 2024 we laid the foundations for growth. We have been reshaping our portfolio - sanctioning new major projects, and focusing our low-carbon investment - and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for bp and we look forward to sharing it at our Capital Markets Update on 26 February.

p today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 28 March 2025 to ordinary shareholders and American Depositary Share (ADS) holders on the register on 21 February 2025. The ex-dividend date will be 20 February 2025 for ordinary shareholders and 21 February 2025 for ADS holders. The corresponding amount in sterling is due to be announced on 17 March 2025, calculated based on the average of the market exchange rates over three dealing days between 11 March 2025 and 13 March 2025. Holders of ADSs are expected to receive $0.48 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in respect of the fourth quarter 2024 dividend. Ordinary shareholders and ADS holders (subject to certain exceptions) will be able to participate in a dividend reinvestment programme. Details of the fourth quarter dividend and timetable are available at bp.com/dividends and further details of the dividend reinvestment programmes are available at bp.com/drip.



https://www.investegate.co.uk/announcem ... -1/8730266

Ian.


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