Published: February 28 2008 02:00 | Last updated: February 28 2008 02:00
As BP’s strategy presentation entered its fourth hour yesterday, weary attenders could have been forgiven for letting their minds drift, perhaps back to a similar event five years earlier. Lord Browne, then chief executive, indicated total production would swell by 1m barrels to 4.5m barrels a day by the end of 2007. As it turned out, BP managed less than half that rise.
That is the company’s problem in a nutshell. Back in February 2003 oil industry valuations were clearly stratified – at the top, on a forward price/earnings ratio about 30 per cent better than the FTSE Eurofirst 300, sat BP, flanked by Shell. In the intervening period, following regular production disappointments, the market has fallen out of love with size. For most of the past year, both BP and Shell have traded in a 10 per cent band beneath that benchmark. read more
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