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  "documentTitle": "BP plc (BP)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "This is a page from a shareholder letter/activist investor presentation. It uses specific auction data to support a narrative of poor capital allocation.",
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      "text": "BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value.",
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      "text": "in Germany, BP has been awarded 4 GW of offshore wind in July 2023... BP paid an average of €1.70 million/MW to secure the sites... in stark contrast to the close to 1 GW awarded in September 2021 for no fee.",
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      "text": "in the UK, the Offshore Wind Leasing Round 4... BP agreed to pay option fees per annum amounting to 65% above the next best bidder and 84% above the average... extra cost to BP/EnBW vs. the average is €410,000/MW, around 15% of capex.",
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      "text": "In the offshore wind space, where BP is investing a significant portion of its capital dedicated to Renewables & Power, data from the UK, Germany, and the US clearly indicate that BP lacks financial discipline and appears more concerned with gaining scale, as opposed to creating value:",
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      "text": "Footnotes 18-23 detailing sources for auction data and exchange rates.",
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      "kind": "title",
      "text": "BLUEBELL CAPITAL PARTNERS",
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