#assetmanagement

Work force reduced next up asset sales?

BP has said it will ramp up efforts to hive off parts of the business, as the energy company reported a drop in profits in its latest quarter.

The company reported an underlying profit of $2.2bn (£1.7bn) in the three months ended in September. It marked a slowdown against its previous quarter, when it made a profit of $2.4bn, but beat analyst expectations of $1.98bn.

Its chief executive, Murray Auchincloss, who is under pressure from shareholders to reverse years of underperformance by moving away from renewable projects and increasing investments in oil and gas, said BP would push to sell off parts of the business faster.

“We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency,” he said.

Auchincloss, who has vowed to sell off $20bn of assets by the end of 2027, added that he expected the company would have sold or announced the sale of $5bn worth by the end of the year.

BP’s new chair, Albert Manifold, told staff on his first day in the job last month that the company needed to accelerate a plan to cut costs and sell assets.

BP has already managed to agree to sell its US onshore wind business to LS Power, as well as a deal to offload its Dutch retail fuel sites and its electric vehicle charging hubs.

This week, BP also agreed to sell its stakes in US shale assets for $1.5bn, including four Permian central processing facilities: Gand Slam, Bingo, Checkmate and Crossroads.

However, BP did not provide an update on the sale of its multibillion-dollar Castrol lubricants unit, which will be a central part of its plan to raise at least $20bn by 2027.

The company is under pressure from Elliott Management, the activist New York hedge fund that is known for its attempts to shake up listed companies. It has built up a stake in BP and has been pushing the company to cut costs.

https://www.theguardian.com/business/2025/nov/04/bp-asset-sales-fall-in-profits-oil-gas

Seeing lots of 2nd tier GoA acquisition players both in the office and some have made it offshore. This is not platform tie back or host opportunities. What GoA assets are on the market? Does the strategy to simplify and improve asset quality make sense?

Hey ya T. Rowe fam,

Honest question - why is it that if you're a moderately senior person on the Distribution/Sales side of the business you get a golden parachute (I'm assuming) while so many others just get the boot unexpectedly? Globally it looks like a few of these sales people "retire" or "leave to pursue other opportunities". At the company a lot of the sales people seem to not win much while lose a lot of clients and business. Like a few seem to have come from less well known competitors in the industry and didn't have any demonstrable track record. There's also some that have a track record of bullying. It seems on the investment side of the business there are a lot of well educated, high performing people. The same can't be said for the sales people. The ones that don't get a golden handshake just seem to keep their job and hang on. I chat with some of them and a few are good operators but they're the minority. Honestly, why are the salespeople here rewarded for doing nothing, or even destroying value in some cases.

And even that is poorly executed.

MST home dispatch tech use and abuse company assets. They drive 100K-200K bucket trucks to their home and back to their home garage everyday. Big V8 6.3 L engines use a lot of gas and insurance on top. Also, with MST high pay and only have .5 job per tech a day per tech how is that saving company money and liability.
There are rules to follow when joining home dispatch program. Following the rules helps save gas and time and wear and tear on a vehicle used to drive to work and to home. But MSTs abuse this program from driving to the garage every day and dispatching at the garage. Making a stop at the grocery store to grocery shop in the company vehicle before driving home. Not closing your last job at the job site and instead, drive home and being still dispatched on your work ticket and then closing the job when you arrive home. I follow the rules, and I do not want the home dispatch program to go away because of MSTs taking advantage of the abuse. Also, MST managers are favoring many MSTs and letting the home dispatch MSTs do what ever they want. STOP ABUSING THE HOME DISPATCH PROGRAM YOU MSTs. You know who you are...

A SI and Ops Spec. roles had a last-minute meeting this week stating that we're looking at reduction of roles due to NK's lifecycle.

Anyone else catch any more details on this?

I think a lot of GOA assets will get trimmed based on:

• production profile
• potential for nearfield exploration

Someone like Talos can pick up the losers. So what stays and what goes?