die Eigenkapitalrendite wieder auf 17% zu steigern (aktuell bei 10%)... BP Should Buy Back Shares With Asset Sale Cash, Citigroup Says By Brian Swint - Jul 5, 2011 2:49 PM GMT+0200 BP Plc, operator of the Macondo well that caused the biggest oil spill in U.S. history, should use cash from asset sales to buy back shares, Citigroup Inc. said. BP shares are down 30 percent since the April 2010 spill and have dropped 8 percent since January, when it announced plans to swap shares with OAO Rosneft and explore the arctic Kara Sea that were blocked by BP’s existing Russian venture, TNK-BP. Chief Executive Officer Robert Dudley has promised to sell as much as $30 billion of fields to cover the costs of the disaster and shore up the company’s balance sheet. “BP’s under-performance this year has less to do with Russia than with investors’ disappointment that they won’t get money back from asset sales,” Alastair Syme, Citigroup’s managing director for oil and gas research in London, told journalists in London today. “The strategic offering is pretty uninspiring. They should have bought back shares.” Among the world’s biggest oil companies, the average cash return on capital invested has slipped to about 10 percent this year from about 17 percent in 2001, Syme said. That suggests that the so-called mega-mergers more than a decade ago, including those that combined BP, Amoco Corp. and Atlantic Richfield Co. as well as Exxon Corp.’s purchase of Mobil Co., haven’t helped profitability. Syme said that oil majors now control little of the world’s energy resources while also accounting for most of the equity in the industry. Share prices have failed to track the 18 percent increase in Brent crude prices this year. “The CEOs tell you there are still good opportunities to invest,” Syme said. “I refute that. The problem is the lack of acknowledgement that their equity is trading at a discount.” Quelle: http://www.bloomberg.com/news/2011-07-05/...-cash-citigroup-says.html |
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