BP has been terrible for a long time. They just lost half their reserves and a third of their production. Someone will buy them soon. Probably Shell.
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For whatever reason BP has not been able to recover since the Macondo incident. The political environment has become increasingly toxic for all oil and gas companies, especially BP since it is headquartered in Europe. Go woke, go broke. A lot of people are going to freeze in the winter because their bureaucrats bought into abandoning hydrocarbons for the theoretical benefit of the earth.
Hardly a collapse, walked away because no support to continue in Russia. Shell and Equinor also walked away from their Russian assets today
Chevron will and should sell any asset that someone else values more than we do. Nothing is sacred. There is pretty limited upside in most of our legacy areas, so time to sell them to find the renewables push.
hey @sol, there have a been a lot of posts recently about selling West Africa. I don’t know about Nigeria deep water, but there’s no way we’re letting go of the ALNG cash cow. Sure Angola B0 is poorly aging but no su---r’s gonna buy that liability. Plus that BU runs on a shoestring, no one wants to deal with that garbage. What am I missing about getting rid of sasbu?
BP has no North Sea, no Alaska, and soon no Russia. Slowly fading away, just like Chevron (no North Sea, no Indonesia, no Thailand, and in the not-too-distant future, no Canada, no West Africa, no SJVBU.)
It would be ConocoPhillips going after that with a merger. Oxy might be another one.
Would Chevron walk away from TCO?
They're taking a $25 billion hit exiting their Rosneft stake. Brutal.
It’s kind of hard for companies such as BP to not be terrible when their courts, legislators, and shareholders are demanding these companies take action to destroy themselves. Compare those challenges with the free license given to foreign, government-owned energy conglomerates to acquire global reserves. Doubt that Shell can buy anything hydrocarbon related given the 2021 Dutch court ruling that they must reduce CO2 emissions 45% by 2030. Don’t disagree though, BP could easily be gobbled up by an energy-hungry, state-owned entity.