{
  "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": 6,
  "pageCount": 9,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a quote-based critique to frame BP's management as opaque and failing to meet targets.",
  "elementsJson": [
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-539bcc945c66/6",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Therefore, one could conclude that BP's 2025 EBITDA guidance was implicitly revised down by around 12% to cUSD40-43bn.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a330-49b8d3640256",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: 12%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a330-51ecb4c88b19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.68,
        "x": 0.16,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "directed the analyst to an offline call with the IR department, implying a long and technical answer was available. The implication of changing underlying assumptions is well summarized by HSBC, in their research note published after the Q2 2024 results (see below).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f05b8b0-c183-4447-b1bc-d2fc75886cf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.68,
        "x": 0.16,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "By not providing any bridge to its changes in assumptions, and the reasoning behind it, BP has simply made it impossible for investors to effectively track its performance and seemingly tried to hide the simple truth, that BP is not delivering on its targets, full stop. Any experienced Director would have seen through that (evidently not the case here).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88570feb-8892-417f-8b1b-3358cb18abab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.62,
        "x": 0.19,
        "y": 0.22
      },
      "kind": "quote",
      "text": "HSBC Global research – 8 August 2024 - Extract \"Did BP just implicitly downgrade its 2025 targets? We think BP may be preparing to formally drop its 2025 EBITDA target... one could conclude that BP's 2025 EBITDA guidance was implicitly revised down by around 12% to cUSD40-43bn.\"",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db490a40-431d-4ff1-9948-3a1a81a65574",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Did BP just implicitly downgrade its 2025 targets? We think BP may be preparing to formally drop its 2025 EBITDA target.” — HSBC Global Research",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a330-4c680707f95b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "fbd6d8dc-0ecc-4a5a-8683-7a69352683c1",
      "evidence": "The slide implies that investors should take action, as indicated by the callout suggesting a 12% implicit downgrade of BP's 2025 EBITDA target.",
      "confidence": 0.7
    },
    {
      "name": "Villain slide",
      "slug": "villain-slide",
      "agent": null,
      "layer": "slide",
      "matchId": "1f89ca16-3c1d-473e-84bd-4ea1660c8b75",
      "evidence": "The slide presents a critical view of BP's actions, implying that they are trying to hide information from investors, which is a characteristic of a villain slide.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "01660f05-e8ae-460c-bf70-0451d20c99b4",
      "evidence": "The slide explicitly accuses the company of hiding the truth and failing to provide a bridge for assumption changes to mislead investors.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 8,
      "from": 6,
      "beatId": "12cdfdee-9a2c-4560-a0a7-714592f492ed",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques BP's leadership, using external research and benchmarking to make its case.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}