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BP p.l.c. Message Board

  • bwu106 bwu106 Oct 29, 2008 3:26 PM Flag

    A new and way better BP reborn???

    Judging by the results announced yesterday and the market reactions over the last two days, the answer is obvious!!!

    Buy, buy and strong buy!!!!!!

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    • Let's see BP restructuring - Normally is to throw away all the engineers from the US, get cheap contractors and then play musical chairs with the managers. Send more Brits across the pond and crow how great BP is. Yes a new BP will be reborn from its ashes!

    • Good points from both of you! Managment needs to balance growth, cost control and safety all at the same time and at all times. I agree BP has more work to do in these regards. However, BP does have some edge in terms of developing good high quality reserves , especially for oil.

    • As another retiree, I fully agree with what Ferglit said. On the quarterly earnings call last week, Byron Grote (the CFO) was asked some questions around how BP was delivering on its announced restructuring and staff reductions, and what was the split of reductions between businesses and functions. He ducked giving any specific numbers, said that 'plans were on track' and also implied that the bulk of the savings were still to come. We'll see what happens over the next few months....

    • Hi bwu,

      My, that's a lot of questions you just asked.

      I'm a recent retiree. A year ago, we were told that some form of re-structuring was going to happen. Since then, nothing visible has happened. Now, that doesn't mean that a year's planning hasn't happened, and I also know that some twigs have been ring-barked - their function has been essentially removed, although the bodies are still breathing (and waiting for the other shoe to drop). Also, it may mean that Tony believes in evolution rather than revolution.

      But my feeling was that the infrastructure had grown larger than reasonable, larger than the activities it was supposed to be supporting, intensely fractured with every BU having its own infrastructure (duplication of effort and role), paralysed by the need post-Texas City to triple check the most trivial action and decision, and paralysed again by control-and-command with the removal of all authority from the troops (even the oldest hands). If ever there was a long-necked turkey in the yard at Thanksgiving, just asking for an axe, it was this inefficient infrastructure.

    • You stated that BP shold be making more restructuring. What do you think BP should be doing, but no doing them yet?

    • Hi pete,

      What, me worry? Retirement has been a way to spend more time with my family...

      Not down in the dumps, but not partisan either. A bit like politics really - you have to try to see the truth, the good and the bad, and it's rarely all on one side. BP is not doing the essential re-structuring (that I can see). When the share price puts BP at or near the bottom of the majors, and the oil price is so low, then BP is at serious risk of being swallowed. In today's financial environment, where anything goes if it's packaged as "essential to industrial survival", then who's to say the regulators would balk? They've permitted two major British banks to merge despite a "No" from the monopolies commission; money has been sprayed on financial institutions like champagne from Felipe Massa's magnum, tax rebates have been issued, GM and Ford have queued up for hand-outs - why should big oil not expect to get a free pass too?

    • Any of these could push oil up significantly.

    • You live in a cave. If it walks like a duck, talks like a duck and quack likes like duck, it must be a duck. Same old BP.

      Only help is to get bought by someone.

      • 1 Reply to safeguy66
      • Disagree. A net profit of close to $10 billions in a single quater! Not many companies in the world is abe to do this!

        True, oi price has come down a bit, but even at 60-80$ /b, BP should still be making many billions each quater. The stock is down to such a low p/e, and the managment is comiited to maintain such a high dividened. BP is a strong buy!!!!

        If oil price stays lower than 50, RDS and COP may be in some big trouble. If RDS and COp have trouble, this may acturally help BP and CVX and XOM.

 
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