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Posts: 262
Opinion: No Opinion
Posted: October 22, 2020
BP market value at 26-year low as investor confidence shaken.
Oil firm slumps to value of £40.5bn, well below that of offshore wind developer Orsted.
BP’s market value has fallen below 200p a share for the first time since 1994 with investor faith in the future of the oil industry shaken by the coronavirus pandemic.
The 26-year share-price low means the oil company is worth little more than £40.5bn, well below the market value of the Danish offshore wind developer Orsted, which in less than two years has doubled its value on the Copenhagen stock exchange to more than £51bn.
BP is also now a substantially less valuable business than Diageo, which is worth slightly less than £60bn. The 111-year old oil company is also worth less than a third of the market value of Unilever, which is worth £124bn.
The company’s share price has buckled under the growing pressures affecting the global oil industry amid the coronavirus pandemic. The historic share-price lows have also emerged as the company prepares to overhaul its business by cutting investment in fossil fuels in favour of clean energy alternatives.
Meanwhile, ExxonMobil has also lost ground in the equity markets, and at $141bn is now worth less than the US renewable energy firm NextEra Energy, valued at $145bn.
ExxonMobil was eclipsed by NextEra Energy, a Florida-based clean energy company, early in October, just months after it was also surpassed by Netflix, at the height of the coronavirus outbreak.
The Covid-19 pandemic has battered global oil demand this year, and threatens to hasten the terminal decline of fossil fuel use as governments turn to green energy industries to reboot economies.
Bernard Looney, CEO of BP, addressed the concerns raised by one retail shareholder in a social media post on LinkedIn this month, saying the share price slide was “down to a number of factors”, including the impact of the coronavirus pandemic on oil demand.
Looney said: “Our entire sector has experienced similar drops this year, and if anything we feel that in itself is a robust case for change. As for our strategy, it is a long-term approach, and we believe that we will create more value through this shift than we would if we kept doing what we were doing.
“At the end of the day shareholders … want to see us deliver on what we laid out. Words are cheap, actions count. And we are very confident we will deliver.”
Posts: 262
Opinion: No Opinion
Posted: October 20, 2020
BP reportedly to make global job cuts mandatory
UK-headquartered oil and gas major BP is reportedly set to make 7,500 ‘compulsory redundancies’ after roughly 2,500 employees applied for voluntary severance.
UK-headquartered oil and gas major BP is reportedly set to make 7,500 ‘compulsory redundancies’ after roughly 2,500 employees applied for voluntary severance.
News agency Reuters produced the figures citing an internal company memo and other BP sources.
Most of the job cuts will come from office-based staff in BP’s ‘oil and gas exploration and production’ division.
The news agency quoted BP as stating: “We are continuing to make progress towards fully defining our new organisation… We expect the process to complete and for all staff to know their positions in the coming months.”
The frontline production facilities will not be impacted with the layoffs.
Reuters cited the memo as stating: “This means around a quarter of the headcount reduction that Bernard outlined in June, will be voluntary.
“We know that for some people for various reasons they feel that now is the right time for them to leave BP, but for many it will still have been a difficult decision.”
In June, BP announced that it would release 15% of its current staff, impacting nearly 10,000 jobs. The company employs around 70,100 people worldwide.
The job cuts come as downturn due to the Covid-19 crisis caused oil prices to slump.
In April, BP planned to cut capital spending by 25% to $12bn this year in the wake of the oil price crash triggered by the coronavirus (Covid-19) pandemic.
Earlier this month, ExxonMobil announced plans to reduce workforce levels across a number of its affiliates in Europe as part of the company’s worldwide review of its operations.
Posts: 18
Opinion: No Opinion
Posted: January 2, 2018
RNS Number : 6678A
BP PLC
02 January 2018
US tax changes - estimated impact on BP results
BP expects its future US after-tax earnings to be positively impacted by the recently-enacted changes to US corporate taxes, largely due to the reduction of the US federal corporate income tax rate from 35% to 21% (effective 1 January 2018). The ultimate impact of the change in the US corporate income tax rate is subject to a number of complex provisions in the legislation which BP is reviewing.
The lowering of the US corporate income tax rate to 21% requires revaluation of BP's US deferred tax assets and liabilities. The current estimated impact of this will be a one-off non-cash charge to the Group income statement of around $1.5 billion that will impact BP's fourth quarter 2017 results. Details of the final actual charge are expected to be disclosed in BP's fourth quarter 2017 results announcement, due on 6 February 2018.
Further information:
BP press office, London: +44 (0)20 7496 4076, bppress@bp.com
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), BP is providing the following cautionary statement. This press release contains certain forward-looking statements - that is, statements related to future, not past events - which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under "Risk factors" and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.
Posts: 262
Opinion: No Opinion
Posted: December 15, 2017
BP To Invest USD200 Million In Solar Energy Firm Lightsource
LONDON (Alliance News) - Oil major BP PLC on Friday said it will invest USD200 million in European solar development company Lightsource Renewable Energy Holdings Ltd to take a 43% stake in the business over three years.
Lightsource will rebrand as Lightsource BP as part of the strategic partnership, with BP's investment used mostly to fund Lightsource's worldwide growth pipeline. BP will have two seats on Lightsource's board of directors.
Lightsource BP will target the growing demand for large-scale solar projects worldwide with a focus on grid-connected plants and corporate power purchase agreements signed with private companies, BP said.
Additionally, it will continue to develop and deliver Lightsource's 6 gigawatt growth pipeline, largely focused in the US, India, Europe and the Middle East.
"BP has been committed to advancing lower-carbon energy for over 20 years and we're excited to be coming back to solar, but in a new and very different way. While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world. I am confident that the combination of Lightsource's expertise and experience with BP's relationships and resources will propel this innovative business to even more rapid growth," said BP Group Chief Executive Bob Dudley.
Shares in BP were up 0.3% at 505.5 pence Friday.