BP (BP.) has hit its net debt target a year ahead of schedule and shareholders could soon see the return of share buybacks. Other majors are also doing well, even up against the all-dominant tech companies. All in all, the sector is in far better shape than could have been expected a year ago.
The positive noises coming from management teams is the polar opposite of what new Carbon Tracker research suggests is the long-term trajectory of the industry. The conclusion of the report ‘A Tale of Two Share Issues’, released on the last day of March, is that oil and gas companies have taken billions of dollars of shareholder money – through raises and floats – and largely thrown it away, even factoring in dividends.
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