BP (BP)

[Dod101]

When the boss says they have made so much money they don't know what to do with it and when most pensioners will be finding it hard to pay their energy food and other bills and when there is a windfall tax threatened and rocketing inflation , I should have thought that these were exceptional circumstances and a somewhat more generous dividend would be appropriate. I am not a HYP or any other type; I adjust to the circumstances and since all the things I have been unable to buy and get fitted during Covid have now rocketed in price and installation costs I am very conscious that for those with fewer savings it must be a nightmare. My own fixed rate annuity is no longer a comfort and the rise in state pension is derisory. Of course, if you are still working and raking it in, your viewpoint will be somewhat different.

One point is of course that ‘most pensioners’ are unlikely to hold shares in BP so increasing the dividend is not going to help them much. As has been said, pensioners who do hold shares in BP would probably prefer a so called progressive dividend rather than one which moves up and down with the oil price. Besides, as has been argued before, reducing the number of shares in issue helps to increase the dividend per share.

Dod

[idpickering]

Lightsource BP to accelerate global solar growth with further investment from BP.

The management of Lightsource BP and BP have agreed to equalise their shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure.

As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10GW of developed assets by the end of 2023.

In December 2017, BP acquired 43% of Lightsource which was subsequently rebranded to Lightsource BP. Today, BP has agreed to purchase additional equity in Lightsource BP to become an equal partner in the business with the balance of shares continuing to be held by management and staff.

Since new shares will be issued in this transaction, the funds paid by BP to increase its stake will be immediately available to Lightsource BP for investment. Financial details of the transaction are not being released.

Strategic decisions will continue to be taken jointly by the two shareholder groups, with each group now having an equal number of nominees on the Lightsource BP Board.

In the two years since BP’s first investment, Lightsource BP’s activities have expanded from five to 13 countries. It has signed major projects across Europe, the Americas and Australia and has built a development pipeline in excess of 12GW.

Nick Boyle, CEO of Lightsource BP, said: “When we first announced this partnership two years ago, we made our mission very clear – that together we want to accelerate the growth of solar power worldwide and help drive the solar revolution. Although we have already made huge strides forward in both the size and number of our projects and have rapidly expanded our global footprint, there is still so much more we can do together.”

Dev Sanyal, CEO of Alternative Energy, BP said: “BP is committed to helping meet the world’s rapidly growing demand for low carbon energy. Solar, which is predicted to increase by a factor of 10 by 2040, plays a key role in this energy transition. That is why we want to invest more in Lightsource BP and to deepen our partnership. We want to advance the solar energy business worldwide and we can bring scale, capability and resources to make that happen. We are proud to be advancing solar alongside such a dynamic partner.”

https://www.bp.com/en/global/corporate/ ... om-bp.html

Ian.

[idpickering]

Report on payments to governments Year ended 31 December 2021.

Introduction

BP p.l.c. has prepared the following consolidated report ('Report') on payments to governments in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209), as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (2015/1928), (the 'Regulations'). The Report also addresses BP p.l.c.'s reporting obligations under DTR 4.3A of the Financial Conduct Authority Disclosure Guidance and Transparency Rules. The 'Basis of Preparation' section below contains information about the content of the Report, the types of payments included and the principles that have been applied in preparing the Report.

https://www.investegate.co.uk/bp-plc--b ... 00030021Q/

Ian.

[Darka]

Lightsource BP to accelerate global solar growth with further investment from BP.

Ian.

Thank you Ian, I didn't know about Lightsource BP but as I hold BP, I should have done.

I and many others appreciate your updates on this and other company shares.

regards,
Darka

[idpickering]

Lightsource BP to accelerate global solar growth with further investment from BP.

Ian.

Thank you Ian, I didn't know about Lightsource BP but as I hold BP, I should have done.

I and many others appreciate your updates on this and other company shares.

regards,
Darka

You’re welcome, and thank you for your kind comment.

Like you I didn’t know about Lightsource BP either, and I hold BP. too.

Best regards,

Ian.

[monabri]

Not a holder of BP, just curious! Lightsource have a website, interesting to see where they operate.

https://www.lightsourcebp.com/projects/

[idpickering]

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 2022 in English shall be disclosed on 2 August 2022 and can be found at the following web address: https://www.bp.com/en/global/corporate/ ... tions.html

https://www.investegate.co.uk/bp-plc--b ... 00058026T/

Ian.

[idpickering]

Second quarter and first half 2022 Results.

Highlights
Underlying replacement cost profit* $8.5 billion
• Underlying replacement cost profit was $8.5 billion, compared with $6.2 billion for the previous quarter. This was driven
by strong realized refining margins, continuing exceptional oil trading performance and higher liquids realizations. This
was partly offset by an average gas marketing and trading contribution, down from the exceptional result in the first
quarter, including an impact from the ongoing outage at Freeport LNG.
• Reported profit for the quarter was $9.3 billion, compared with a loss of $20.4 billion for the first quarter 2022. The
reported result for the second quarter includes a charge for adjusting items* before tax of $0.3 billion within which are
adverse fair value accounting effects* of $0.8 billion. The first quarter loss included a post-tax charge of $24.4 billion
relating to bp's decision to exit its 19.75% shareholding in Rosneft and its other businesses with Rosneft in Russia.
Operating cash flow* $10.9 billion; net debt* reduced to $22.8 billion
• Operating cash flow in the quarter of $10.9 billion includes $1.2 billion of Gulf of Mexico oil spill payments within a
working capital* build of $2.9 billion (after adjusting for inventory holding gains* and fair value accounting effects).
• During the second quarter bp executed share buybacks of $2.3 billion. The $2.5-billion programme announced with the
first-quarter 2022 results was completed on 22 July.
• Net debt fell for the ninth successive quarter to reach $22.8 billion at the end of the second quarter.
Growing distributions within an unchanged financial frame
• A resilient dividend is bp’s first priority within its disciplined financial frame.
• It is underpinned by an average 2021-5 cash balance point* of around $40 per barrel Brent, $11 per barrel RMM and $3
per mmBtu Henry Hub (all 2020 real).
• bp has announced a 10% increase in its quarterly dividend to 6.006 cents per ordinary share.
• This increase reflects the underlying performance and cash generation of the business, which has enabled strong
progress in delivering share buybacks and net debt reduction.
• Looking ahead, on average, based on bp's current forecasts, bp continues to expect to have capacity for an annual
increase in the dividend per ordinary share of around 4% through 2025 at around $60 per barrel Brent and subject to the
board’s discretion each quarter.
• During the second quarter bp generated surplus cash flow* of $6.6 billion and intends to execute a $3.5 billion share
buyback prior to announcing its third-quarter results. bp has now announced share buybacks from 2021 and first-half
2022 surplus cash flow equivalent to 60% of the cumulative surplus cash flow.
• For 2022 and subject to maintaining a strong investment grade credit rating, bp remains committed to using 60% of
surplus cash flow for share buybacks and intends to allocate the remaining 40% to further strengthen the balance
sheet.
Progressing transformation to an Integrated Energy Company
• In resilient hydrocarbons bp has strengthened its renewal options partnering with Petrobras in a successful Drill Stem
Test at the Cabo Frio discovery in the Campos Basin offshore Brazil and participating in the Timpan-1 discovery offshore
Indonesia. bp continues to high-grade its portfolio, agreeing to acquire a 35% interest in the undeveloped Bay du Nord
discovery offshore Canada as part of the transaction to sell its 50% interest in the Sunrise oil sands project.
• In convenience and mobility bp has continued to progress its EV charging strategy, recently announcing expansion plans
with Iberdrola in Spain and Portugal and signing a contract to operate China's largest fast(a) EV charging hub.
• In low carbon energy bp has announced plans to take a 40.5% stake in the AREH project to lead and operate one of the
world’s largest planned renewables and green hydrogen* energy hubs based in Western Australia; has announced its
intent to partner with Iberdrola to develop large-scale integrated green hydrogen production in Spain, Portugal and the
UK; and has continued to progress its renewables strategy, submitting bids for two offshore wind leases in the
Netherlands.

And later;

Dividends payable

BP today announced an interim dividend of 6.006 cents per ordinary share which is expected to be paid on 23 September 2022 to
ordinary shareholders and American Depositary Share (ADS) holders on the register on 12 August 2022. The ex-dividend date will be
11 August 2022. The corresponding amount in sterling is due to be announced on 6 September 2022, calculated based on the
average of the market exchange rates over three dealing days between 31 August 2022 and 2 September 2022. Holders of ADSs
are expected to receive $0.36036 per ADS (less applicable fees). The board has decided not to offer a scrip dividend alternative in
respect of the second quarter 2022 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.bp.com/content/dam/bp/busin ... esults.pdf

Ian.

[idpickering]

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 towards distributing 60% of surplus cash flow [1] generated in 2022 as announced by the Company on 2 August 2022.

The maximum amount allocated to the Programme is around $3.5 billion for a period up to and including 31 October 2022.

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

Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2022 Annual General Meeting and any further approvals to repurchase shares as may be granted by its shareholders from time to time , the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Listing Rules.

https://www.investegate.co.uk/bp-plc--b ... 19375844U/

Ian.

[scrumpyjack]

Alternatively one could report the following highlights from this announcement.

BP reports a first half loss of $11.1 billion

The dividend has been raised 10% but is still less than half the level before the Gulf of Mexico disaster

[absolutezero]

BP reports a first half loss of $11.1 billion

It's as though the activists in the media choose not to tell you this...

[Alaric]

BP reports a first half loss of $11.1 billion

A write off of its Russian interests offsetting the amounts it is making from oil proce rises.

The first quarter loss included a post-tax charge of $24.4 billion relating to bp's decision to exit its 19.75% shareholding in Rosneft and its other businesses with Rosneft in Russia.

There are presumably still private investors in BP, some even from the privatisation era. If motorists they, at least, will be getting a rebate on petrol pump prices in the form of increased dividends.

[scrumpyjack]

Yes MSM, even the DT, seem to think one should privatise the losses and socialise the profits

[88V8]

BP reports a first half loss of $11.1 billion

It's as though the activists in the media choose not to tell you this...

Is there any part of the media not permeated by these blinkered lefties?
Even WATO today was spouting on about it, interviewing the Resolution Foundation, a mob that the Beeb always forget to introduce as a left-wing think tank.

They'll never be happy until the govt decides to steal a chunk of shareholders' dividends.

V8

[absolutezero]

Is there any part of the media not permeated by these blinkered lefties?

Nope.

Even WATO today was spouting on about it, interviewing the Resolution Foundation, a mob that the Beeb always forget to introduce as a left-wing think tank.

Erm. WATO is the BBC. The BBC is left wing liberal. No surprise there. It's the broadcast wing of The Guardian.
I will never forget the tale of empty champagne bottles in the corridors the morning after Blair's 1997 victory.

They'll never be happy until the govt decides to steal a chunk of shareholders' dividends.

V8

Correct.

[Arborbridge]

Is there any part of the media not permeated by these blinkered lefties?

Nope.

Even WATO today was spouting on about it, interviewing the Resolution Foundation, a mob that the Beeb always forget to introduce as a left-wing think tank.

Erm. WATO is the BBC. The BBC is left wing liberal. No surprise there. It's the broadcast wing of The Guardian.
I will never forget the tale of empty champagne bottles in the corridors the morning after Blair's 1997 victory.

They'll never be happy until the govt decides to steal a chunk of shareholders' dividends.

V8

Correct.

Correct - and unfortunately, all of my family too! Endless arguments about this with both children and grandchildren. I have begotten a nest of lefty vipers - I trust they will move to the centre one day.

As regards the BBC WATO today, I really believe they are just voicing the thoughts of very many people -their listeners. Us wicked shareholders are always going to be on a hiding to nothing when set up against people who do not hold shares. Fact of life, I'm afraid, and the BBC is just reflecting that zeitgeist.

Populist governments go for easy targets that curry favour: BTL landlords, shareholders etc., and so do journos of all colours.

Arb.

[absolutezero]

Us wicked shareholders are always going to be on a hiding to nothing when set up against people who do not hold shares.

It's amazing how many people don't realise they are shareholders - via their pension schemes.
With auto-enrolment these days that's practically everybody.

[scrumpyjack]

As such a small proportion of the business is in the UK, they can always change their domicile to somewhere more amenable.

It was remarkably inept of the CEO to say they had so much money they didn't know what to do with it. It would have been better to focus on the problems they have been through - Macondo, need to repay borrowings, dividend still half its previous level, buying back shares to undo the dilution from when they had to pay dividends in shares as they were short of cash, investment in green energy - blah, blah, blah. The market can see the real situation and to put it in that sort of context would have been much better PR.

[Bouleversee]

I get the impression that none of journalists realise that the companies who have had a bit of a bonanza recently have been through some very hard times and that their long term shareholders have been deprived of dividends or had pretty small ones and are still losing money on their holdings. I am still losing a packet on Centrica and smaller sums on Shell and BP. I don't feel the slightest bit guilty if they pay me slightly increased dividends now they are returned to profit. How do they think pensioners are going to pay their ever increasing bills? I am also still waiting for any signs of recovery in many other holdings who are not paying any dividends and whose s.p. collapsed some time ago.

[absolutezero]

I get the impression that none of journalists realise that the companies who have had a bit of a bonanza recently have been through some very hard times .

I'm absolutely certain they DO know this but choose to stoke up anti-capitalist sentiment.