Solar projects already meet BP’s profit goals, Lightsource BP says

Thursday, 22 October 2020, 10:47:17
Solar power developer Lightsource BP has generated returns of 10% and more on projects, its chief executive told Reuters as investors fret over joint owner BP’s plan to switch away from oil and gas to renewables.
— Reuters UK

BP market value at 26-year low amid shaken investor confidence

Wednesday, 21 October 2020, 19:58:15
Century-old oil firm slumps below offshore wind developer Orsted to worth of £40.5bn 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. Continue reading…
— The Guardian

BP’s greener vision has failed to excite shareholders

Wednesday, 21 October 2020, 19:56:06
The oil firm’s tumbling share price shows investors need more than a loose assertion of confidence Here’s a sight that hasn’t been seen since 1994: shares in BP priced at less than 200p. The stock, 480p at the start of this year before the Covid recession hammered the oil price , closed on Wednesday at 199.96p. Even as recently as August, a sub-£2 moment seemed unlikely. That was when the new-ish chief executive, Bernard Looney, pitched to investors his plan to make BP a net zero carbon company by 2050. The rejig seemed to go down well. Despite the inevitable cut in the dividend, BP’s shares were briefly steady at 300p. There was talk about the company acting just in time to save itself from oblivion. Continue reading…
— The Guardian

“Worst is behind us” after UK dividends halve in Q3, finds Link Group

Wednesday, 21 October 2020, 11:33:35
“Worst is behind us” after UK dividends halve in Q3, finds Link Group Submitted By Madeleine Taylor | 21/10/2020 – 10:33am UK dividends are showing “positive signs” of a future recovery after almost halving to a headline total of GBP18 billion in the third quarter of 2020, according to the latest UK Dividend Monitor from global financial administrators Link Group. Over the past three months, dividends have slumped by 49.1 per cent, making it the lowest third quarter total since 2010, when the UK was suffering the aftermath of the Global Financial Crisis. “Though by any normal standards a fall of this magnitude is terrible for investors, it is significantly better than the 57.2 per cent drop in the second quarter,” writes Link Group. Banks accounted for almost two fifths of the GBP14.5 billion cuts in the third quarter of 2020, as they remain barred from paying dividends by the Bank of England until 2021. Meanwhile, the oil sector contributed another fifth to the cuts, which Link Group says will be “longer lasting” than the cuts made by banks.
— InstitutionAlassetManager

‘We smell sh**e’ Extinction Rebellion Scotland dump pile of poo outside BP

Wednesday, 21 October 2020, 05:30:00
The move was carried out in protest against the oil giant’s new net zero promises, which the group say“smell like sh***”.
— The Daily Record