Thread regarding BP PLC layoffs

Looney Has Really Screwed Over Existing Shareholders and Long Time Dedicated Employees

Looney is funding his low return on capital green initiatives on the backs of shareholders and longtime employees. By cutting the dividend in half he has insured that the stock price will remain near 25 year lows. This will allow him to buyback shares at huge capital losses for the unfortunate that need to sell their shares during the pandemic. He has shown no loyalty to thousands of BPs employees by laying them off at a time when corporate loyalty was needed the most during a work wide pandemic. Now that energy prices are near historical highs he will not reinstate the dividend because he will be able to use this money for years on low IRR projects without getting the company in immediate financial difficulties. He is not a great CEO. Any CEO could of came in and cut the dividend by 50% to fund their initiatives. The good CEOs are the ones that can strike a balance between investor returns, employee moral, financial performance and political pushback. Looney fails in all of these.

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Post ID: @OP+1dAcp0zN

3 replies (most recent on top)

I’m continuing to buy more shares, great investment, good value 🤑

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Post ID: @2pgr+1dAcp0zN

Buybacks are taking shares off the table and it makes total sense to do it at these low prices! It reduces the shares in circulation and will give us a higher ceiling longer term! So will diversification and debt reduction: get with the program please!

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Post ID: @wju+1dAcp0zN

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