Thread regarding BP PLC layoffs

@xy so, by your rationale o&g companies can only be headquartered in the US. Tell Equinor, Shell, Total, ENI etc.
And by the way I have direct reports in several regions a Houston based G costs roughly twice a G in Sunbury.

@114 last time I checked bp was a British company

@143 happy to work the hours and get the pay and job security as a result. Once NS sale or role into NOJV goes through maybe you’ll see the writing on the wall at Subbury.

Meg has work ethic and won’t take kindly to an entire office that brags about working less.

@xy Typical american exceptionalism. No point arguing with someone so brainwashed but it's actually quite sad that you brag about working long hours and being exploited by your bosses. Melt.

@yz “ The performance gap with US majors isn’t about geography. It’s about strategic consistency, capital discipline and execution”

I fully agree! How much of the strategy came out of SJS and Subbury vs Houston…. (Were the CEOs and strategy EVP American or another inexperienced euro dope?)

How many of the terrible Capital decisions and overruns came out of SJS and Subbury …. (MA was watching the purse, BL throwing money away, GB inking a stream of Investments despite terrible PPE track records)

And execution…. Remind me again what operations and execution happen in Subbury?

Y’all we are not moving the HQ to Houston. Stop with the wishful thinking.

She’s not doing the townhall in Sunbury & hasn’t done one yet, so yes, I think it’s telling it’s in Houston. Idk what kind of announcement she will make but I bet there’s something coming.

@xy
The performance gap with US majors isn’t about geography. It’s about strategic consistency, capital discipline and execution not whether executives can drive across town to see Halliburton !!

@te trying to sound educated but showing off their ignorance.

Cost differential is nowhere near 3x. When you factor the small cost differential against output and ease of workforce management there is almost no margin. UK has more time out of office, shorter work weeks, and frivolous work contracts. This isn’t even getting to the point that there’s significantly less skilled workers available in the UK and minimal core vendor presence.

There’s a reason several majors sweep the floor with BP while having US headquarters (with most being in Houston). Head of X department wants to meet with a peer at Exxon, Conoco, Chevron, Apache, Halliburton, Schlumberger, Baker/HMH, Wood, Worley, etc.? They just go across town, not get on an airplane.

Hiring an isolated, untrained, difficult to manage workforce with shorter hours just to save a few pence in a technical industry is just foolish. I bet you bemoan TSI without realizing Sunbury is just a more expensive TSI, no operations are managed in Sunbury.

There are already thousands of bp legal entities in the US and we are already US listed complying with all regulatory and reporting requirements. Transferring primary ownership from one entity to the other is quite straightforward.

Taxes more favorable in the US. Simplified reporting requirements being sole listed in US. Less beholden to whiny UK pensioners.

US employees are not that much more expensive. Stop being dramatic.

@d5 why would HQ be Houston when the workforce are three times or dare I say four times to those teams in the UK, Europe and moving HQ to the US would require, Re‑registration, Board restructuring, Potential shareholder votes, Major tax and regulatory implications

There is no strategic incentive for to trigger such upheaval

Not sure why the north Sea surprises anyone that’s been paying attention. High regulatory control environment, legacy, aging assets, misalignment on emissions, and no upside when prices are good. That’s a recipe that only a small operator or government run entity can compete in.

windfall taxes in a cyclical industry are just more European ludicrous. Full support of LSE de-listing.

@d5 agree with all of this except the Finance side. The vast majority of Upstream leaders are completely inept at any semblance of budgeting and managing costs within budget. Add on top almost all got where they are by building stories on the positive to ignore the negative and it’s a recipe for value destruction.

Meg is a breath of fresh air. Simple metrics you deliver or expect consequences. No dancing no stories just delivery. Many of our leaders will struggle to survive in such basic concepts.

@d5 hogwas!

Exit North Sea, exit Canada, exit Brazil. Delist from LSE. Upstream will be ran by EE. Downstream an external hire. New HQ in Houston. WL, GB, KT will all go. Removal of almost all central resources - particularly in planning and performance.

it is odd for such a delay following earnings, usually its the day after or same day, so something is brewing ! likely naming heading of Upsteam / Downstream must be on the cards, you cant make an annoucement without a plan which EVP will run each part of that business and bye bye north sea perhaps!

LSE delist coming

Saw several pieces on linked That bp is thinking he to exit North Sea. What surprised me the most is that the North Sea assets valued at only $2B or 2% of the company?

North Sea go bye bye