{"id":369318,"date":"2025-03-10T10:13:55","date_gmt":"2025-03-10T09:13:55","guid":{"rendered":"https:\/\/climatescience.press\/?p=369318"},"modified":"2025-03-10T10:13:57","modified_gmt":"2025-03-10T09:13:57","slug":"is-bp-a-stranded-whale","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=369318","title":{"rendered":"Is BP A Stranded Whale?"},"content":{"rendered":"\n
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From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

Further to yesterday\u2019s post on stranded assets, it is worth looking at BP\u2019s Annual Accounts for 2024:<\/strong><\/p>\n\n\n\n

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https:\/\/www.bp.com\/en\/global\/corporate\/investors\/results-reporting-and-presentations\/annual-report.html#ar-highlights-2-1<\/a><\/figcaption><\/figure>\n\n\n\n

Three numbers stand out, which show the claims about stranded assets to be nonsense:<\/strong><\/p>\n\n\n\n

First, equity stands at \u00a378.3 billion:<\/strong><\/p>\n\n\n\n

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Secondly, BP has cash reserves of \u00a339.2 billion. (Working capital is also similarly healthy).<\/strong><\/p>\n\n\n\n

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Thirdly, cash generated by operations last year was \u00a327.2 billion.\u00a0 (CAPEX was \u00a315.3 billion and dividends took another chunk of \u00a35.0 billion).<\/strong><\/p>\n\n\n\n

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In simple terms therefore, half of the \u00a378.3 billion of equity is covered by cash, and the rest can be paid back via less than two years of operational revenue.<\/strong><\/p>\n\n\n\n

The Telegraph story is just another attempt to scare the public away from investing in oil companies.<\/strong><\/p>\n\n\n\n

Shamefully they chose to give publicity to a report by the UK Sustainable Investment and Finance Association, a lobby group set up to promote the sustainable sector, as their website makes clear:<\/strong><\/p>\n\n\n\n

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https:\/\/uksif.org\/about\/<\/a><\/figcaption><\/figure>\n\n\n\n