Close Menu
BlogSpotTipsBlogSpotTips
  • Home
  • Education
  • Finance
  • Latest Internet News
    • Social Media
    • Software
  • Game
  • Contact Us !
Facebook X (Twitter) Instagram
BlogSpotTipsBlogSpotTips
  • Home
  • Education
  • Finance
  • Latest Internet News
    • Social Media
    • Software
  • Game
  • Contact Us !
Facebook X (Twitter) Instagram
BlogSpotTipsBlogSpotTips
Home»Finance»Cramer: BP is like playing oil ‘roulette’
Finance

Cramer: BP is like playing oil ‘roulette’

DeepBy DeepFebruary 29, 2016No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

BP investors might as well be playing in the casino, especially after its latest earnings report, CNBC’s Jim Cramer said Tuesday.

“BP turns out to be a dice roll in oil. Who would have thought of that [CEO Bob] Dudley had put together a company that I thought wasn’t nearly as levered to the daily price of oil. Literally, that’s red-black roulette. Black, oil goes up, BP does well. Red, oil goes down, BP is a disaster,” Cramer said on “Squawk on the Street.”

BP did not immediately respond to a CNBC request for comment.

The oil giant reported Tuesday its largest annual loss in 20 years in its fourth-quarter results that were well below expectations.

Crude prices around the world were under pressure once again Tuesday, with WTI around $30 a barrel and Brent down nearly 5 percent.

An oil pumpjack operates near Williston, North Dakota.

US oil extends losses after inventory data

“We will keep the capital frame under review as we move through 2016 and beyond,” Brian Gilvary, BP chief financial officer, said in a statement. “Should current conditions persist for longer than anticipated, we expect that all the actions we are taking will capture more deflation and so drive the point at which we balance our organic sources and uses of cash lower than the $60 per barrel that we indicated at last quarter’s results.”

“What is BP doing? It was almost a fantasy world,” Cramer said. “The futures curve shows you that, out nine years, you’re getting oil at $45-$46. Whoever came up with that number, that’s like saying ‘listen, as long as newspapers stay strong, we’re going to kill it because we’re in the newspaper business.'”

BP’s U.S. listed shares were down more than 8 percent in midmorning trading.

ExxonMobil, another giant within the energy space, also reported quarterly results Tuesday, beating expectations on both earnings per share and revenue.

“I like Exxon. I always disliked Exxon when oil was going up because it is not predicated on the price of oil. It is predicated on a long-term production stream. When you have a long-term production stream, and it’s not at all in trouble or questioned … then you have the bank of oil, which is what Exxon is,” Cramer said.

[“source -cncb”]

BP Cramer: is like oil playing ‘roulette'
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Deep

Related Posts

Financial Audits and Payment Compliance: The Role of TPS

June 2, 2025

Using AI-powered Enterprise Interfaces to Optimize Operational Efficiency

May 20, 2025

Strategies for Greater Financial Flexibility: 5 Smart Ways to Repay Your Home Loan Faster

May 6, 2025
Recent Post
  • Financial Audits and Payment Compliance: The Role of TPS
  • Social Media and Relationships
  • Online Counselling for Individuals and Couples
  • The Best Time to Post on Threads in 2025 — Data from 700K+ Posts
  • Using AI-powered Enterprise Interfaces to Optimize Operational Efficiency
  • How to Grow Your Brand with Micro Influencer Marketing
  • What Are the 8 Different Types of Video Game Articles?
  • Strategies for Greater Financial Flexibility: 5 Smart Ways to Repay Your Home Loan Faster
Search
  • Home
  • Privacy Policy
  • Contact Us !
© 2025 BlogSpotTips. Designed by BlogSpotTips.

Type above and press Enter to search. Press Esc to cancel.