{ "docId": "019dd923-622b-71dc-a6dc-d7c9fce4ff84", "docSlug": "2bee745d494a", "documentTitle": "BP plc (BP)", "authorId": "23_Bluebell_Capital", "authorName": "Giuseppe Bivona and Marco Taricco", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2023-10-04 00:00:00", "orientation": "portrait", "aspectRatio": 0.7070707, "pageNumber": 7, "pageCount": 30, "prevPage": 6, "nextPage": 8, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 1, "notes": "The slide uses a quote from Rishi Sunak to frame BP's current strategy as 'short-term' and 'ideologically zealous'.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dc-d7c9fce4ff84/7", "deckHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-d7c9fce4ff84#slide-7", "components": [ { "bbox": null, "kind": "callout", "text": "We believe that BP also needs to have a \"more honest debate\" - particularly as \"the facts change\" - with the objective being to \"put the long-term interests\" of stakeholders ahead of \"the short-term\" interest of BP's leadership to please the \"others who argue with an ideological zeal\": BP's decision to cut its oil and gas production by around 15% by 2030 vs.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d0-745c-bea8-a58964e740c7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.676, "x": 0.162, "y": 0.62 }, "kind": "paragraph", "text": "We believe that BP also needs to have a “more honest debate” - particularly as “the facts change” - with the objective being to “put the long-term interests” of stakeholders (including the interest of society in relation to the environment) ahead of “the short-term” interest of BP’s leadership to please the “others who argue with an ideological zeal”: BP’s decision to cut its oil and gas production by around 15% by 2030 vs.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24ecaf72-1366-4f13-a36e-8fde92fa6080", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.24, "w": 0.676, "x": 0.162, "y": 0.1 }, "kind": "paragraph", "text": "Despite this undisputable evidence, no government has to date underwritten the political cost (i.e. being voted out of power) of officially declaring that Net-Zero by 2050 is unattainable and to propose a more realistic and attainable target of at least 2075, while simultaneously identifying a credible, and deliverable, milestone for 2050 (e.g., a 40-50% reduction from 2022).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "62719b8b-0d68-4052-9fad-3b88e419cf62", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.36, "w": 0.676, "x": 0.162, "y": 0.25 }, "kind": "paragraph", "text": "In this regard, we noted that for the first time, a G7 leader commented at a recent press conference, to announce a challenging measure (i.e. the push back on the ban on the sale of new petrol and diesel cars, rolling the target from 2030 to 2035), saying that “too often motivated by short-term thinking, politicians have taken the easy way out, telling people the bits they want to hear, and not necessarily always the bits they need to hear”, asking “can we be honest when the facts change, even if it’s awkward? and can we put the long-term interests of our country before the short-term political needs of the moment, even if it means being controversial?” and finally urging for a “more honest debate about how we secure the country’s long-term interest” (UK Prime Minister Rishi Sunak, 20th of September 2023). The UK remains today to be one of the most committed European countries to decarbonization, thus making the above comments particularly relevant, when considered in that context.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8424118c-bd70-4859-8eb0-df285d64bf3c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"too often motivated by short-term thinking, politicians have taken the easy way out, telling people the bits they want to hear, and not necessarily always the bits they need to hear\", \"can we be honest when the facts change, even if it's awkward? and can we put the long-term interests of our country before the short-term political needs of the moment, even if it means being controversial?\" and finally urging for a \"more honest debate about how we secure the country's long-term interest\" — UK Prime Minister Rishi Sunak, 20th of September 2023", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-f5d0-745c-bea8-a8b31f957620", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.23, "x": 0.385, "y": 0.895 }, "kind": "source-note", "text": "Bluebell Capital Partners Limited 2 Eaton Gate, London SW1W 9BJ Tel: +44 20 3826 0100", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2cb456cc-4fb9-448c-aa77-5e94c25391e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.24, "x": 0.583, "y": 0.055 }, "kind": "title", "text": "BLUEBELL CAPITAL PARTNERS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0246b030-5e95-4491-8795-755043a4eaab", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "54878c8e-5619-4625-aa6b-e9bb979d45b1", "evidence": "Citing UK Prime Minister Rishi Sunak to validate the argument for changing long-term targets.", "confidence": 0.9 } ], "arcBeats": [ { "to": 9, "from": 4, "beatId": "833148c7-b13a-4f4b-aeb4-8536c5cc31bd", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The document presents a clear problem and complication", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" }, { "to": 14, "from": 4, "beatId": "c02f659b-5eea-4a8c-b892-a11f455c4a3a", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Interest", "beatSlug": "aida-interest", "evidence": "The document generates interest by presenting a clear critique of BP's strategy", "position": 3, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }