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  • BP financial performance
  • burko73
    Full Member

    Terrible downturn in performance, new figures today mean now only £47 million in profit…..! Due to crude going from £100 a barrel to £30 a barrel.

    3000 jobs due to be cut.

    If my firm were £47 million in profit we’d be cracking the champagne out and taking people on!

    scaled
    Free Member
    wwaswas
    Full Member

    A lot of UK Pensions rely on oil company dividends.

    Be interesting how the investment companies paying the pensions decide to make up the shortfall – ride the oil price wave and hope it peaks again or divest of increasingly volatile stock and reduce expectations?

    salad_dodger
    Full Member

    4500 jobs went in 2015 – my wife being one of them. The company is paying the price for the drop in oil price and is still paying for Deepwater Horizon.

    burko73
    Full Member

    51% drop in profits they say. If oil price stays this low then apparently we’re looking at a 1% increase in GDP in uk which can turn into 90k extra jobs…..

    kimbers
    Full Member

    Only if pump prices stay low and you can bet George Osborne’s pampered left testicle that there will be a tax rise on the horizon

    Also

    The oil and gas sector is the UK’s largest corporation tax payer, contributing 16.4%

    http://www.pwc.co.uk/services/tax/insights/total-tax-contribution-of-the-uk-oil-gas-industry.html

    TheBrick
    Free Member

    wwaswas – Member
    A lot of UK Pensions rely on oil company dividends.

    Be interesting how the investment companies paying the pensions decide to make up the shortfall – ride the oil price wave and hope it peaks again or divest of increasingly volatile stock and reduce expectations?

    They will down grade payment then when stock recover they will not reincrease payments and pocet the differnece.

    burko73 – Member
    51% drop in profits they say. If oil price stays this low then apparently we’re looking at a 1% increase in GDP in uk which can turn into 90k extra jobs…..

    but are they working in tesco jobs or well paid jobs…..

    If they are as good a jobs as were lost all is good but so often you hear of an industry retracting that employed a large number of skilled people with a deent wadge that could support a family and then there is a call of xyz is opening offering loads of jobs but hey are largly minimum wadge jobs that need tiopping up.

    teamhurtmore
    Free Member

    Profits and profitability are not the same thing

    DrJ
    Full Member

    If my firm were £47 million in profit we’d be cracking the champagne out and taking people on!

    I’m guessing your firm does not invest as much capital as BP in order to generate its profits?

    mudshark
    Free Member

    £47 million would be bad – it’s £4.1 billion. They are huge so profits at this level are needed to justify the capital employed.

    dragon
    Free Member

    As alluded to above BP spends a lot of capital also, it isn’t cheap to develop oil fields in harsh environments. In the North Sea alone the redevelopment of the Schiehallion and Loyal fields is in the order of £3 billion, the Clair Ridge is £4.5 billion and Kinnoull was £700 million (which was a smaller figure due to using a lot of existing infrastructure).

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