{ "docId": "019dd923-622c-750b-8b9d-539bcc945c66", "docSlug": "5e5be87cee2f", "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": "2024-09-25 00:00:00", "orientation": "portrait", "aspectRatio": 0.7070707, "pageNumber": 4, "pageCount": 9, "prevPage": 3, "nextPage": 5, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 2, "notes": "This is a page from an activist investor letter (Bluebell Capital Partners) critiquing BP's governance and financial credibility.", "elementsJson": [ "paragraph", "footnote" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9d-539bcc945c66/4", "deckHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66", "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66#slide-4", "components": [ { "bbox": null, "kind": "callout", "text": "It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0931-74b9-a330-12a70b5f41b4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "EBITDA guidance: $46-49bn", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0931-74b9-a330-1aa633198b9f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "paragraph", "text": "5. BP's Code of Ethics require BP's Officers “owe a duty to the Company to act with integrity (...). Integrity requires, among other things, being honest and candid (...). Deceit and subordination of principle are inconsistent with integrity.” (BP's Code of Ethics)6: BP, acting through its subsidiary Lightsource, obtained planning permission to build a solar farm at Burnhope, subsequently revoked by the Tribunal to be “unlawful”7. At the 2024 AGM, BP, failing in its basic transparency obligations towards shareholders, refused to answer questions on its unlawful conduct in pursuing business opportunities in the renewable sector.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "023dfb6b-5d28-4205-b8a3-4959f4cf02a7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "paragraph", "text": "6. As highlighted earlier, BP refused to provide any explanation of what appears to us to be a clear attempt to circumvent current Planning regulation, in the application submitted by the Company for two new solar farms in March 2024 (Hett Moore) and June 2024 (Burnhope) (see our letter dated 23rd July, 2024)8. Since we confronted BP regarding its responsibility for unlawful conduct, the only visible action seems to have been lobbying efforts to persuade the government to raise the threshold for central government approval from 50 MW to 150 MW.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "249294f2-493a-4bf4-8731-0109b0a066ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "paragraph", "text": "7. On 7th February 2023 (at Q4 2022 results), BP announced a 2025 Ebitda guidance of $46-49bn, guidance which was reiterated at every opportunity since then, including the Denver Investor Day in October 2023 and the Q1 2024 results in May 2024. The achievement of this target was supposed to be the ultimate proof that BP's strategy was delivering shareholder value creation. It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part. Then, in July 2024, at the", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fd1c7602-1432-467d-bd67-9bfe17767676", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "BP's Officers “owe a duty to the Company to act with integrity (…). Integrity requires, among other things, being honest and candid (…). Deceit and subordination of principle are inconsistent with integrity.” — BP's Code of Ethics", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0931-74b9-a330-1515395c984a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.82 }, "kind": "source-note", "text": "6, 7, 8 references to BP code of ethics, tribunal documents, and Bluebell letter.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "daf78af8-10f0-440a-9982-18e79dc646c6", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "3902079b-ab40-494f-ba46-bf7ca37b1570", "evidence": "Contrasting BP's stated code of ethics with their alleged unlawful conduct.", "confidence": 0.8 } ], "arcBeats": [ { "to": 4, "from": 2, "beatId": "0e8360cb-a308-4a44-bf4c-da8c6f051c1a", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document presents a series of contradictions, such as BP's Code of Ethics vs. its actual performance.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }