BP Beats Expectations With $5 Billion Profit After Fending Off Shareholder Challenge
British oil major BP beat expectations in the first quarter on strong results from trading oil and gas, and said Tuesday that it will buy back a further $1.75 billion in shares.
BP's first-quarter underlying replacement-cost profit--a metric similar to net income that U.S. oil companies report--of $4.96 billion exceeded the $4.27 billion average forecast by 25 analysts in a survey compiled by the company. It compared with $6.25 billion a year prior.
The result followed a record-high full-year profit in 2022, and a move by BP in February to scale back earlier targets for reducing its oil-and-gas production.
That 2022 profit of $27.7 billion--by the same underlying replacement-cost measure--and BP's plans to increase spending on oil-and-gas production had made the company a target of some shareholders, including U.K. pension funds, who were angry about its slower-than-planned shift away from fossil fuels.
? Because they are getting out of that gig. The flip side is that this is getting too high in share price due to Oil pressure. Bp is a buy. After all these years, they are finally making correct decisions. This is a buy for a 5 year term or less and then adjust.
Fn' fat bank and when oil crashes...this will only feel like a small dent at the most.
$BP-In holding so long for successfully a Twele month will see averages this is Smart entry.
You mean 5 to $6 price...yes?
$BP Gevo discusses recent BP contract and Net-Zero 1 green energy project developments
Hate Liars Member Level Friday, 06/11/21 03:20:05 PM
Re: Hate Liars post# 166126 0
Oil Companies, here are the facts on the Oil Test results:
PCT Ltd Catholyte-Free Study Using 15 API Gravity Crude Oil From The Grassy Creek Field Missouri And The Warner Sandstone Formation
PCT LTD Releases Current Oilfield Testing Results
Little River, SC – April 30, 2021 – PCT LTD (OTC:PINK “PCTL”)
provides an update relative to ongoing infield testing at the Grassy
Creek, MO testing site.
During the three weeks, January 7th – 21st, PCTL implemented its oilfield testing protocols in Grassy Creek, MO. The purpose of the in-field testing was to gather empirical data relative to whether PCT Catholyte was effective in enhancing oil production in shallow wells, and then to determine the effective enhancement of each well and what process and protocols yielded the best results. In our first round of in-field testing, we selected and tested six (6) producing oil wells (that had prior “damage”) and one (1) injection well. The baseline of 99/1 (water/oil) was established. Over the next two (2) weeks, we injected PCT Catholyte, ran dye tests and the results improved to a 97/3 ratio of water to oil. Severe weather shut in our testing for approximately eighteen (18) days. Once we were able to resume testing in March, we changed the treatment regimen, ran further dye tests, shut in 3 non-oil producing wells and assessed the findings: 92/8, a 250% increase over baseline data.
Later in March, we added three (3) new wells, increased the intervals of treatment with different specifications of PCT Catholyte, ran new dye-tests and determined another increase in water/oil, up to 90/10; then saw further improvement to 80/20 by the end of March. Our most recent test results indicate a level of 60/40 water to oil ratio, which is a significant turn-around.
Testing continues and PCTL will release the findings in a technical
report within thirty (30) days.
Grassy Creek Overview
by David L. Holcomb, President - Pentagon Technical Services Inc.
Gary Grieco, CEO and Chairman - PCT LTD
February 4, 2021
Maverick Energy Services – PCT LTD. Catholyte – Grassy Creek Oilfield, Waterflood Improvement Project, Vernon County, MO
PCT Ltd. is working with Maverick Energy Services in Vernon County, Missouri, to use a unique electrochemically produced catholyte to enhance the injectivity, sweep efficiency, and oil production in a modified seven-spot well pattern. This seven-spot pattern #2A is a part of the larger Grassy Creek Oilfield where all seven wells are situated in the eastern part of the field and are closely spaced making them ideal for a field pilot test. These particular wells have not been treated other than by traditional waterflood. (Other wells in Grassy Creek were treated with a steam flood and a surfactant with limited success.) The pay thickness is between 20 and 25 feet for the lower Bluejacket SS and up to 80 feet in the Warner SS. The porosity in the Bluejacket is between 14-16% and 21-24% in the Warner. The permeability is between 20 and 40 md in Bluejacket and between 118 and 687 md (avg. 350 md) in the Warner. The crude oil is moderate to low gravity (19-29 degrees API), and reservoir temperatures average approximately 90 degrees F. The catholyte is produced onsite from special electroionizing process machinery using clean brine water. It can produce up to 700 gallons per day of 600-700 pm and 600-900 ORP catholyte. Storage is provided for up to 2000 gallons onsite, and a distribution line and pump is tied directly to the 2A seven-spot well injection well(s).
The project is using catholyte which has been initiated with Maverick Energy Services by designing up to an initial 30-day trial using varying volumes of the catholyte. The trial is being preceded by doing production and injection testing with fluorescent tracers on the two injectors (Warner and Bluejacket zones) as well as production tests on wells 2-1 through 2-6 to establish a baseline injection/production rate and pressure (if any since in the past some have gone on a vacuum), and monitoring every 4 hours for two to three days for tracer at each producer.
Once the baseline rates and pressures are established and the producing wells validated with positive or negative tracer shows, then the catholyte will be produced onsite and injected into the two injection wells or one injector depending on the results of the tracer testing for each zone. If all wells are not in communication with the injection well(s), then the issue will be addressed by considering polyacrylamide polymer as a small volume (250-500 gallon) pumped ahead of the next volume of catholyte to help slow breakthrough or channeling to certain wells and allow a more efficient distribution to the other wells. This may or may not be required to provide more uniform distribution of the catholyte in as many producing wells as possible on the seven-spot pattern. Once the injection profile is understood, then 1000 gallons of the (hot) 600-900 ppm catholyte solution will be manufactured and injected into PCT Catholyte separation experiment. Then the injectors will be returned to injection of normal brine and monitored on day two with bucket tests performed on each well that is producing, looking for improved oil cut in the WOR as well as any pressure changes. Samples will be collected at each producing well. Then on day three, another 750 gallons (hot) catholyte will be injected followed by putting the well back on injection with clean injection brine water. Injection will continue over the next 24 hours (day four) followed by the production and sample testing protocol as before. This will be followed on the fifth day by another 500 gallons of (hot) catholyte and injection over the next 24 hours to monitor production rates and pressures as well as WOR. If oil ratio begins to increase, then the seven spot can be maintained on injection and repeating repeating the catholyte injection sequence described above over the next several days up to 30 days if necessary. The goal is to prove the catholyte technology for this reservoir type by a markedly improved oil cut after two to four weeks injection of catholyte alternating with injection brine water mix).
The results will be evaluated, and it will be decided that the injection will be continued as catholyte alternating with brine water as may be required to maintain improved oil cut in the water oil ratio (WOR).
ReGen III Signs Definitive Agreement with bp
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2021) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN41) ("ReGen III" or "the Company"), formerly known as Gen III Oil Corporation, is pleased to announce that further to the Company's press release dated May 3rd, 2021, ReGen III has signed a definitive, multi-year offtake agreement (the "Definitive Agreement") with bp for bp to purchase all of the Company's base oil production from the Company's proposed 5,600 bpd US Gulf Coast re-refining facility (the "USGC Facility"). The USGC Facility will serve as the foundation for ReGen III's future growth plans.
"This off-take supply agreement is a landmark Company milestone as it advances our proprietary and patented ReGen™ technologies to in-market, commercial adoption. This agreement rewards our long-standing conviction that our solutions address the growing global demand for environmentally friendlier base oil production by simultaneously recycling waste and reducing greenhouse gas emissions," states Greg Clarkes, Chairman and CEO of ReGen III. "We thank the global team at bp, who worked closely with us for fifteen months against the backdrop of a global pandemic. This team was instrumental to us realizing the Definitive Agreement."
ReGen III's proprietary and patented ReGen™ technologies re-refine used lubricating oils to produce high-quality Group II+ and Group III base oils that fill the onshore North American production shortfall. From a life-cycle assessment standpoint, the initial facility is estimated to eliminate 725,000 tonnes/annum of CO2 equivalent emissions versus the burning or current disposal methods for used motor oil. This is the equivalent to removing the greenhouse gas emissions generated by over 156,000 automobiles in one year.
The Company's strategic objective is to become the leader in the global re-refined base oils market. Securing an off-take supply agreement for 100% of our USGC Facility's base oils production allows the Company to complete non-dilutive, best-terms financing to meet expansion and market penetration goals. The Company plans to identify a USGC Facility site shortly and move through project financing talks and all other necessary steps to advance the USGC Facility in a timely manner.
The agreement is the successful culmination of previous and related disclosure of a "potential client" and confidential negotiations with a "super major" in past press releases.
ReGen III leads the way with innovations in re-refining technology, with 10 patents awarded and seven pending globally. Our ReGen™ technology not only re-refines used lubricating oils removing waste but recycles it into new synthetic products and reduces the need to source virgin crude oils to manufacture engine lubricants.
About ReGen III
ReGen III is a cleantech company creating more sustainable solutions that include better environmental outcomes and compelling economics. ReGen III owns a portfolio of patented technologies that enable used motor oil ("UMO") re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.ReGenIII.com .
On Behalf of the Board of ReGen III Corp.
Chief Executive Officer
For further information, contact Mark Redcliffe at (778) 668-5988.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
With the economic recovery on its way and the stimulus coming in I don’t know why this doesn’t go over $30 soon. Target price $35 based on historical ave and peak target to $40. They have started green energy projects so if they show more investments in green sector they could be a bigger player in the market. Cyclical trade into summer should also boost price. My two cents since this chat room is quiet.
I notice they have gas stations all over the place...are they poised for a strong stock performance as the US tightens restrictions on fracking and drilling? Disclosure: I have been picking up some longer term call options in case this goes back to historic highs.
BP subsidiary Lightsource BP "secured 250 million financing for its 260MW Impact Solar project" https://www.lightsourcebp.com/2020/03/lightsource-bp-completes-financing-260mw-solar-project-texas/ - that's 1 billion for about 1 GW of capacity.. so it looks like its acquisition targets would be companies with market caps (in billions USD) about equal to their RE generation capacity (in gigawatts).
Of course, $250 million is what Impact's 0.26GW SOLD FOR - since BP financed the purchase, they'll end up paying substantially more to BUY it.
So, for example, Atlantica Sustainable (AY), with 1.5 GW and 3Bn market cap, would sell for be about twice what BP would be willing to borrow to buy it... certainly, BP wouldn't be likely to offer a significant premium over AY's current price of $29.56/sh, if they were considering AY as an acquisition target.
So.. probably not AY.. but BP definitely has acquisition goals, which means they're looking for targets.. so I'd love to figure out who those targets might be...
BP says "We're moving away from oil, becoming renewable energy supplier - our current 2.5GW renewable generation will be 50GW (gigawatts) by 2030. We'll get there through organic growth and acquisitions.
Does anyone wish to speculate on possible acquisition targets, or on how much BP would be willing to spend to acquire a hypothetical company with one GW of RE generation?
My guess is that they'd spend about $2.4 billion (USD) for 1GW new in service capacity, $1.2Bn if the installations are 50% through their expected service life.. so their 50GW over 10 year buy would be about $100 billion over 10 years, or 10 billion per year.
Does anyone else have a guess.. or a criticism of mine?
This board is for fundamental and technical discussion about BP Amoco PLC, BP. BP p.l.c. (BP) is a holding company. The Company operates through three business segments: Exploration and Production, Refining and Marketing and Gas, Power and Renewables. Exploration and Production's activities include oil and natural gas exploration, development and production (upstream activities), together with related pipeline, transportation and processing activities (midstream activities). The activities of Refining and Marketing include oil supply and trading and the manufacture and marketing of petroleum products, including aromatics and acetyls, as well as refining and marketing. Gas, Power and Renewables activities include marketing and trading of gas and power; marketing of liquefied natural gas (LNG); natural gas liquids (NGLs), and low-carbon power generation through its Alternative Energy business. BP has operations in Europe, the United States, Canada, Russia, South America, Australasia, Asia and parts of Africa. In August 2006, it acquired Greenlight Enery, Inc. 1 St. James's Square SW1Y 4PD London, ENG SW1Y 4PD (800) 638-5672 (312) 856-4883 email@example.com http://www.bp.com Daily Nine-Month Charts
Weekly Five-Year Charts