The leading British oil logo BP.
SOPA photos | Lightrockket | Gety pictures
For weeks, the market tongues were shaking about a possible integration between the oil giants in Britain – until weeks of speculation, Shell denied on Thursday that he was holding talks to obtain BP.
But how did we get to the point that BP, an oil exploration company in the United Kingdom, was founded in 1909 under the name Anglo-Persian Oil Company, is now a possible goal to seize its long competitor?
Reset
In 2020, under the supervision of the newly appointed CEO Bernard Loni, BP announced that it will start a strategy to reshape itself as a “Safia Al -Safir Company by 2050 or sooner,” With an increase in its investments in renewable energy projects. The energy giant is committed to “performance during conversion” because he developed this new strategy.
At that time, Lony admitted that the transformation would be a challenge but he argued that it was “an enormous opportunity too.”
Premier
Looni launched the strategy just as it was the Covid-19 pandemic, making its way all over the world, which shocked the demand and crude prices. The giant energy company recorded its first loss in the entire year in a decade, but the company continued to renew it, as it achieved an annual profit in 2021 at a value of $ 7.6 billion-before it rose more than three times to 27.65 billion dollars in 2022, when Russia’s invasion of Ukraine sent an increase in oil prices.
BP share price.
Loni praised the results, was said CNBC The company was now tending to its strategy.
He said, “We announce the investment of up to 8 billion dollars in the transfer of energy in this contract, and up to 8 billion dollars in oil and gas to support energy security and the ability to withstand energy in this contract.”
This increased investment in the company’s energy transmission has been strengthened through expectations, which was published in the 2023 version of BP’s Energy lookThe fossil fuel share in the initial energy will decrease from about 80 % in 2019 to 20 % in 2050.
Leave me
BP was left with a reel when Bernard Loni suddenly declared his resignation in September 2023 after less than four years of work, as the company revealed that he was not “completely transparent in his previous disclosure” about relations at the workplace before he became the CEO.
Murray Ocenklos fiscal director then intervened as a temporary executive before his appointment on a permanent basis in January 2024.
But the man who prompted BP vision as a renewable energy giant is now outside the building.
Rising speculation
The decrease in annual profits in 2023 and 2024, along with the departure of Lony and the continued performance in the shares of BP compared to its peers, raised new questions about the Major Major strategy and its future as a stand -alone company. Aside from Shell, Chevron and Exxon Mobil were also described as a potential BP kidnapper, while the UAE ADNOC has looked at some gas assets.
An active investor Elliot According to what was reported, he built a stake in the oil field in February, before Auchincloss was revealed directly BP strategy reset Which started to increase investment in oil and gas and reduce the focus on renewable energy sources. Investors have not yet liked, as shares have decreased by 15 % since that time.
Talk to CNBC in AprilAuchincloss cleared fears that the company has become a goal of acquisition, saying, “We are a strong and independent company. June This “we have a very high tape” for the opportunities for integration and purchase, but they have argued that the company continues to prefer to buy its own shares.
What next
Shell’s strong refusal to these reports seems to have been, at the present time, cold water has a possible BP acquisition offer. Allen Jude, an stock analyst at Morningstar, questioned the advantages of the Shell deal for BP at this stage, CNBC told “unless the evaluation is very attractive”, it is likely that it is not worth headache for executives.
https://image.cnbcfm.com/api/v1/image/107096736-1659361004697-gettyimages-1241067951-VC_20220526_03.jpeg?v=1751261486&w=1920&h=1080
Source link