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BP reports worst annual loss in at least 20 years and further job cuts

13

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    purch wrote: »
    Which Oil derivatives are you referring to ?

    The market is one of the most established in any commodity, and has been trading perfectly happily for decades, with the price of Oil going up and down substantially frequently. The price has been much much higher and also much lower as well in the past 20 years.

    Don't know why now should be any different.


    So much like property in 2006 the banks have models that showed a crash to $30 a barrel, and everything is fine, nothing to see here type of thing? :rotfl: Righty Ho.
  • purch
    purch Posts: 9,865 Forumite
    Why do you think this time it will be any different ??

    You appear to be well informed on the workings of the Derivatives markets.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 4 February 2016 at 9:17AM
    Royal Dutch Shell has reported an 80% fall in profits.

    Earnings for 2015 fell to £2.6bn ($3.8bn) from £13.1bn ($19bn) in 2014.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • mwpt
    mwpt Posts: 2,502 Forumite
    Sixth Anniversary Combo Breaker
    Interesting to see what the wages figure will be this year. I'm still pessimistic.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    worldtraveller wrote: »
    Royal Dutch Shell has reported an 80% fall in profits.

    Earnings for 2015 fell to £2.6bn ($3.8bn) from £13.1bn ($19bn) in 2014.


    Ouch! :rotfl:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mwpt wrote: »
    Interesting to see what the wages figure will be this year. I'm still pessimistic.

    10,000 job cuts. Be plenty of merger and takeover activity to reduce costs in the years ahead. Survival of the fittest.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    in bad times you might as well write down the value of the assets and hence profits
    so plenty of scope for 'good' profits in a couple of years time

    cash flow would probably be a better guide that profits
  • Filo25
    Filo25 Posts: 2,140 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    CLAPTON wrote: »
    in bad times you might as well write down the value of the assets and hence profits
    so plenty of scope for 'good' profits in a couple of years time

    cash flow would probably be a better guide that profits

    Absolutely, the market is going to be disappointed anyway so you may as well clean house on the balance sheet.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    CLAPTON wrote: »

    cash flow would probably be a better guide that profits

    Pumping oil at a loss is very real for North Sea operations currently. Only a question of how long before the rigs are switched off. Same happened in 1986. Oil dropped 70% and went under $10 a barrel. Took 20 years to recover.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Pumping oil at a loss is very real for North Sea operations currently. Only a question of how long before the rigs are switched off. Same happened in 1986. Oil dropped 70% and went under $10 a barrel. Took 20 years to recover.

    how is the north sea of any concern except to the SNP?
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