lonbp
Q4 2022 hedge fund letters, conferences and more BP - 7 FebruaryHaving seen how much money Shell made last year, the pressure is now on BP and the amount of tax the company pays on profits made in the UK. Back in August, BP set aside an extra $800m in respect of the increase in windfall taxes for 2023, and has set aside another $800m adjustment in this quarter’s numbers, which pushes the tax take from the North Sea to $2.5bn. In November, the oil company recorded $8.15bn of underlying replacement cost profit, along with a pledge to buy back another $2.5bn of shares. “While the headline number ...
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Tomorrow, UK Chancellor Jeremy Hunt will deliver his Autumn Budget, which he has warned will include tax rises and significant cuts to public spending. His predecessor, Kwasi Kwarteng, has given him a difficult act to follow. When the mini-budget package was revealed to include a series of unfunded tax cuts on 23 September, the pound fell to a 37-year low against the dollar. Q3 2022 hedge fund letters, conferences and more Autumn Budget OutlineIn the run-up to Hunt’s announcement, the Office for Budget Responsibility warned the chancellor that UK public borrowing is estimated to be £70bn more ...
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Balm applied to limit scorching energy prices for businesses through temporary equivalent support’ to the household price freeze.Input price inflation and energy costs remain top two main concerns reported by companies with 21% of firms on variable rates for electricity.Pounds lifts on shock and awe bill blitz, to just over $1.15 while energy giants rise on vision for the sector.Bond markets still on edge as gilt yields edge higher amid worries UK government debt threatens to balloon.Given the UK’s crucial net zero transition, govt support for a significant scale up of oil and gas exploration ...
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BP plc (LON:BP)’s total second quarter revenue was 85% higher than last year to $69.5bn, driven by growth across all segments. That includes the benefit of higher energy prices. Underlying profit rose from $2.8bn to $8.5bn. The group announce a dividend of 6.006 cents per share, 10% higher than last year. During the quarter, $2.3bn of share buybacks were executed and the $2.5bn buyback programme is now complete. A new, $3.5bn buyback is expected to complete prior to the announcement of third quarter results. Q2 2022 hedge fund letters, conferences and more The shares rose 3.6% following the an...
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FTSE 100 opens higher – led by energy, mining and defence stocks.Brent crude rises to $116 a barrel as worries persist about supply.Russian threat expected to lift demand for military hardware.The retreat of Covid in China is boosting metals prices and mining shares.WISE revenues surge but worries remain as co-founder faces regulatory probe.Oil Prices Climb“The steady march back upwards in the oil price and expectations of higher defence spending have helped bolster the FTSE 100. The Index surged higher in early trade, before falling back slightly, largely shaking off the nervousness that had ...
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FTSE 100 down 1.3%, with CAC 40 and DAX seeing steeper declines.Goldman Sachs warns the risk of a US recession has doubled.Brent crude prices fall 3% to $110 on recession fears.Recession Fears Deepen“Global sentiment has tipped further into negative territory. The pan-European Stoxx 600 is down 1.8%, with all sectors edging into negative ground. Germany’s DAX has seen a steeper decline of 2.3%, and the CAC 40 has shed almost 129 points. This contagion has likely been driven by the UK’s inflation data, with the CPI running at a 40-year high. Q1 2022 hedge fund letters, conferences and more Ther...
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FTSE 100 defensive nature is helping propel index slightly higher.Wall Street indices set to open lower after two sessions of gains.Warnings about recession amid high inflation ricochet around markets.Brent crude back above $120 a barrel as supply concerns continue.Bitcoin still hovering around $30,000 as shift away from risky assets continues.FTSE 100 Propels Slightly Higher“The FTSE 100’s defensive nature has helped propel the index higher in early trade, despite the fresh resurgence of worries about the risks of rampant inflation and what effect aggressive policies aimed at curbing it could...
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“As Chancellor Rishi Sunak perfected his U-turn on a windfall tax, the share prices of BP plc (LON:BP) and Shell PLC (LON:SHEL) also looped lower, before climbing back up, as investors shrugged off its impact given that it is expected to be a short lived hit. BP And Shell Shrug Off Windfall TaxIt may mean dividends are pushed lower temporarily, but given that tax will reduce if companies invest more, it’s likely to mean an acceleration of investment by BP and Shell, a strategy which will be welcomed by many investors who see environmental progress and not just shareholder pay-outs as crucial f...
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The compounding effects of share buybacks, since the 1980s, have been identified as the critical factor enabling the US equity market to outperform Europe on a 100+ year basis – a significant view, given the announcement by BP plc (LON:BP) to boost its buyback programme by a further $2.5 billion. With the largest proportion of European companies in history set to pursue buybacks, investor returns from the region may start to outperform the US in coming years, according to analysis presented at the latest quarterly investment meeting of The Group of Boutique Fund Managers (GBAM)*. Q1 2022 hedge...
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“$20.4 billion is an eye-watering quarterly loss for BP plc (LON:BP) but it’s far from unexpected. The market had already factored in a huge hit due to its Russia exit and now the company has unveiled the price to pay is a big and bold $25.5 billion. That’s the amount it has set aside in pre-tax charges and the cost of extricating itself from Rosneft. Q1 2022 hedge fund letters, conferences and more But surprising on the upside is the boost to underlying profits which came in at $6.2 billion, sharply higher than the consensus expected of around $4.5 billion. The company has been raking in cash...
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