BP
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Last edited 27 July 2009 at 12:01pm
New report increases pressure on BP and Shell as oil majors prepare to post disappointing quarterly results
A new analysis of oil demand forecasts from the world's leading energy agencies
has uncovered a significant emerging risk for international oil companies
investing in Canada's environmentally destructive tar sands. The report,
entitled Shifting Sands, calls into question the long term profitability of
unconventional oil assets due to major downward revisions of growth in global
oil demand over the next decade.
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Posted by jossc — 5 May 2009 at 11:35am
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Getting to be 100 years old is a proud milestone, but it usually comes with some complications - which can include a loss of critical faculties. As BP directors and shareholders meet to celebrate the company's centenary in London this evening, they'd be well advised to seriously question whether BP's massive investment in Canadian tar sands (pictured here) is evidence of senility setting in.
Posted by jossc — 3 February 2009 at 3:40pm
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Alberta, Canada - contaminated water from tar sands oil production fills a 2 km wide 'tailings' pool © Greenpeace
Last month our Emerald Paintbrush award presented to BP highlighted how far the company, which previously styled itself as going 'beyond petroleum', has moved back to its traditional profit source at the expense of its alternative energy division, and most likely its long-term profitability.
Investors may have been patting themselves on the back yesterday as BP posted record profits for 2008, but they should be wary - a quick trawl through the figures reveals major flaws in the company's long term investment strategy. Massive profits during the first half of the year (when oil prices reached over $100 per barrel) were undermined by a collapse in the final quarter, when prices fell back to around $40 per barrel.
Last edited 3 February 2009 at 2:57pm
Risky investment in tar sands and continued failure of alternative energy division threatens future profitability of oil major
BP's announcement of record profits masks major flaws in the company's long term investment strategy, according to analysts at Greenpeace and PLATFORM.
Strong growth recorded in the first half of 2008 was undermined by a collapse in profits during the final quarter, indicating a vulnerability to oil price fluctuations which will continue while BP remains wedded to an “oil at any cost” strategy.
