Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • bp to exit Rosneft shareholding
    édité le 28/02/2022 - Plus de news de "bp" - Voir la fiche entreprise de "bp"


bp to exit Rosneft shareholding
   - bp will exit its 19.75% shareholding in Rosneft.
   - Both bp-nominated directors to resign from Rosneft board with immediate effect. bp will no longer report reserves, production or profit for Rosneft.
   - Changes in accounting treatment of Rosneft shareholding expected to lead to a material non-cash charge.
   - bp’s financial frame and distribution guidance remains unchanged.

The bp board today announced that bp will exit its shareholding in Rosneft. bp has held a 19.75% shareholding in Rosneft since 2013.

Additionally, bp chief executive officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by bp, former bp group chief executive Bob Dudley, is similarly resigning from the board.

The resignations will require bp to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first quarter 2022 results, to be reported in May.

bp chair Helge Lund said: “Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. bp has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the bp board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support bp representatives holding a role on the Rosneft board. The Rosneft holding is no longer aligned with bp’s business and strategy and it is now the board’s decision to exit bp’s shareholding in Rosneft. The bp board believes these decisions are in the best long-term interests of all our shareholders.”

bp chief executive officer Bernard Looney added: “Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink bp’s position with Rosneft. I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp. Our immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how bp can support the wider humanitarian effort.”

Bernard Looney has been a director of Rosneft as one of two bp-nominated directors since 2020. Bob Dudley has been a director of Rosneft since 2013.

Impact on reporting and finances

As a result of the resignations of bp’s nominated directors, bp has determined that it no longer meets the criteria set out under International Financial Reporting Standards (IFRS) for having “significant influence” over Rosneft. bp will therefore no longer equity account for its interest in Rosneft, treating it now as a financial asset measured at fair value.

This will result in two material changes to bp’s financial reporting and finances in the results for the first quarter of 2022.

First, it is expected to give rise to a non-cash adjusting item charge at the time of the first quarter 2022 results, representing the difference between the fair value of bp’s Rosneft shareholding at 31 March 2022 and the carrying value of the asset. At the end of 2021 this carrying value stood at around $14 billion.

Second, in addition, the change is expected to result in non-cash adjusting item charge, principally arising from foreign exchange losses accumulated since 2013 that under IFRS were previously recorded directly in equity rather than the income statement. At the end of 2021 these totalled around $11 billion, and this adjustment will not impact equity.

The change in accounting treatment also means that bp will no longer recognise a share in Rosneft’s net income, production and reserves1. bp will no longer report Rosneft as a separate segment from the first quarter 2022 results.

As a result of the accounting changes, and excluding Rosneft from base year and future periods, bp now expects:

   - to continue, as before, to deliver a 7-9% EBIDA per share CAGR between 2H19/1H20 through 2025 at oil prices of $50-60 per barrel (2020 real) based on bp’s planning assumptions;
   - EBITDA from resilient hydrocarbons and group to be around $2 billion lower in 2025, at around $31 billion and $38 billion respectively.

Financial frame and distribution guidance unchanged

As bp now is exiting its interest in Rosneft, it has removed Rosneft dividend payments from its financial frame.

However, bp remains confident in the flexibility and resilience of its financial frame, underpinned by an average 2021-25 cash balance point of around $40 per barrel2. This includes reaffirming the guidance regarding its expectations for shareholder distributions – dividends and buybacks – out to 2025 that was given with its 2021 full year results in February 2022. This includes:

   - bp’s first priority within its financial frame is a resilient dividend. At around $60 per barrel and subject to the board’s discretion each quarter3, bp expects to have capacity for an annual increase in the dividend per ordinary share of around 4% through 2025.
   - bp is committed to maintaining a strong investment grade credit rating and for 2022 intends to allocate 40% of surplus cash flow to further strengthen its balance sheet.
   - bp expects a $14-15 billion range for capital expenditure in 2022, rising to $14-16 billion between 2023-5.
   - For 2022, and subject to maintaining a strong investment grade credit rating, bp is committed to using 60% of surplus cash flow for share buybacks. At around $60 per barrel bp expects to be able to deliver share buybacks of around $4.0 billion a year on average through 2025.

bp will also exit its other businesses with Rosneft within Russia4.

bp will continue to comply with all relevant international trade rules and sanctions. It continues to keep this situation under review.
Notes:


About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Rosneft

Rosneft is the third largest player in the German oil refining market. Operating activities are carried out by Rosneft Deutschland GmbH, a subsidiary of the Company. This company manages both the supply of crude oil to the refineries, the shares of which belong to Rosneft (PCK Raffinerie GmbH, MiRO refinery, Bayernoil refinery), and sales of petroleum products.


Origine : Communiqué bp

Voir la fiche entreprise de "bp"



Les dernières news de "bp"



Toutes les news de "bp"
 
 
 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 
Recherche de news par tags

abu-dhabi acquisition adnoc aker-bp aker-solutions algeria algerie algerie alstom anadarko angola apache australia axens baker-hughes bechtel bg-group bp brazil canada carburant cbi cgg cheniere chevron china cnooc cnpc co2 commission-europeenne compressor conocophillips consommation cpdp deepwater discovery drilling e-on edf egypt engie engineering eni equinor equinor exxonmobil feed flng fluor fluxys foster-wheeler fpso france fsru fugro gabon gas gaz gazprom gazprom-neft gdf-suez ge germany ghana gnl gtt gulf-of-mexico guyana hess india indonesia inpex iraq italy jacobs jgc kbr keppel licence lng lukoil lundin maersk-drilling malaysia mcdermott methanier mexico mozambique natural-gas neptune-energy nigeria nigeria north-sea norway novatek offshore oman omv opec pemex petrobras petrofac petronas pgnig pipeline platform poland production qatar qatar-petroleum qatargas raffinerie refinery repsol rig riser rosneft russia rwe saipem santos saudi-arabia saudi-aramco schlumberger senegal shale-gas shell socar sonatrach statoil subsea subsea-7 survey tap technip technipfmc texas total totalenergies tullow turbine ufip uk ukraine us vopak well wintershall wood-group woodside



Europétrole © 2003 - 2022