..
By Jo Nova
The iconic 120 year old company shares fall as rumors of a takeover spread
BP has lost a quarter of its share value in the last two weeks. The fall started when company profits turned out to be just $9 billion, down from $14b a year ago and $28b in 2022. As The Telegraph reports, “BP’s shareholders had realized that the green spending they supported in 2020 had halved their dividends.” But Shell, Chevron, and Exxon — the other oil giants — they were all doing much better.
Twenty years ago BP changed its name to “Beyond Petroleum”. By 2020 the company was hellbent on getting there. Suicidally, the oil company pledged to reduce their own oil production by 40% by 2030, (which did nothing except help all their competitors) and promised to pivot into renewable power. BP set itself a target to increase renewables generation by a factor of twenty this decade. The media gushed — “BP Shuns Fossil Fuels“, said Politico. BP supposedly shone a light on “stranded oil and gas”!
Thus and verily, in mid 2020, with exquisite timing, BP management leapt headlong in the magical energy pit. They were sure […]
Recent Comments