Why is bpX exempt from attendance data tracking?
15 replies (most recent on top)
@s0 most of box is ex BHP and now Woodside. The bpx team has done a great job artificially promoting the wonders of onshore. The issue is not offshore vs onshore it’s a function of feeding a perpetual machine. Example Eagleford has 3-5 years of tier 1 properties. After that the company faces declining production and rising OPC. Exxon Mobil is at this maturity level in the EFS today with 1200 wells and 17% decline rates YoY
@pz there was nothing to ignore. You just don’t understand the business? If onshore was cheaper to produce, why on earth would anyone go offshore? Why spend $Bs over years when it’s cheaper, easier and less risky to go from bit to pump in a few months onshore. ROCE is months compared to a decade +.
Margin isn’t the only kpi so it wasn’t worth acknowledging. Efficiency production roi & fcf over the next year will make or break MO, hard to do if she divests the best lever that could make that happen that fast!
BP doing BP things
@pp you’re using raw boe to purposely ignore the lower margin on that bpx production.
@gz 1. Only uses ~17% of capex allocation and produces ~22% (25%+ soon) of bp’s production with only ~1200 people. 2. $(confidential, but substantial) fcf delivered to bp per quarter.
What other business does bp have that operates as efficiently? Why do you all think that whole all other majors are doubling down in the us onshore business, bp would divest their most efficient position? Level of thinking is akin to BLs green push vs Exxon just, not doing that
@b4 MO never divested bpx.
Great idea for more turmoil and professional chaos
not impossible that bp to divest bpx 1. takes a lot of capital 2. margin per barrel might not be that high. However i dont see ourselves giving up that capability so probably a sort of jv where bp retains interest.
@a6 not sure why you’re getting downvoted. But you’re correct, bpx isn’t abusing the system like bp. Plus when everyone’s in office at designated times as a unit, it’s easier to see who is. Also a good bit of the employees spend over half of the in office weeks, working in their respective fields. Useless metric for bpx and no value in the enforcement
@b9 trust me bro.
@b4 source?
BPX is a getting divested a second time by the same person. Atleast its monetized
Why would bp divest 1 of the 2 cash generating assets? Also didn't bpx have their own ACB score card for bonuses....
It’s because we’re selling bpX and we don’t want to have to tell potential buyers that employees are rarely in the office.
One week in the office, one week at home...who needs tracking?