BP p.l.c

BP p.l.cNYSE
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May 042022

Russia slips up BP

Oil behemoth BP posts bumper earnings on the back of a rush in demand for the commodity, despite the huge hit the brand took from exiting Russia – is a windfall tax on the way though?

  • BP blasted over 8% on Tuesday for its best day all year after posting EPS that were well ahead of estimates at $1.92, as well as boasting its highest underlying profit in over 10 years at $6.2bn, which is more than double the $2.63bn it reported last year.
  • Russia has caused a bunch of chaos, basically. The oil company took a whopping $25.5bn hit from having to exit the country, which includes a $13.5bn write-down of its stake in Russian petrol giant Rosneft.
  • But BP is in the oil biz, and oil has seen multi-year highs this year and sits around the $100 mark after the world cut itself off from Russian supply – all of which helped profits. But, the smashing earnings have prompted calls for a windfall tax on BP and other oil giants who have seen profits soar, to try and help with consumers’ crazy energy prices.
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Feb 282022

BP says bye bye to its Russian exposure

Oil giant BP is done drilling for profits in its Russia-exposed investments as the conflict in Ukraine continues to rattle markets.

Key points:
  • BP is dumping its investment in Russian oil giant Rosneft (ROSN), divesting the near 20% stake in the company that it picked up in 2013, as a sign of corporate protest to Russia's invasion into Ukraine.
  • Rosneft accounts for about half of BP's oil and gas reserves, and around a third of its production, but its Board has decided that Russian troops on the ground indicated a “fundamental change” in its relationship. It’s probably the most significant corporate backlash from a Western company since the tensions escalated.
  • The move will lead to two non-cash charges that will total at up to $25bn in its current quarter earnings – the first is related to foreign exchange losses, and the second to do with “fair value” and the “carrying value” at the time. Investors reacted to the news by sending its London-listed stock down 5% in Monday morning trading.