Lenovo is showing business laptops lovers some attention by announcing several new ThinkPads at Mobile World Congress 2025, including a new form factor for the T-series line, and updated internals across the business laptop lineup.
The ThinkPad T14s 2-in-1 is by far the most interesting of the bunch, with a new convertible body that’s similar to Lenovo’s Yoga laptops, and supports the magnetic Yoga Pen stylus. The laptop comes with up to a 14-inch, 400-nit WUXGA touch display, and inside, you can get up to a Intel Core Ultra 7 H or U 200 series chip, 64GB of LPDDR5x RAM and 1TB of storage. If you’re looking for an option without a 360-degree hinge, the ThinkPad T14s Gen 6 and ThinkPad T14 Gen 6 will also now come with either Intel Core Ultra or AMD Ryzen AI Pro chips, up to 32GB of RAM and up to 2TB of storage.
Lenovo
Lenovo describes the new ThinkPad X13 Gen 6 as “one of the lightest ThinkPad designs ever,” at only 2.05 lbs, but that light weight doesn’t mean the laptop misses out on the latest internals. The X13 Gen 6 comes with either a Intel Core Ultra or AMD Ryzen AI Pro chip, up to 64GB of LPDDR5x RAM and your choice of a 41Wh or 54.7Wh battery. The new ThinkPad can also support Wi-Fi 7 and an optional 5G connection, if you want to take it on the go.
Chip updates round out the remaining ThinkPads, with the ThinkPad E14 Gen 7 and E16 Gen 3 gaining support for up to an Intel Core Ultra 7 U or H 200 series chip and up to 64GB of DDR5 RAM, while the ThinkPad T16 Gen 4 is caps out at 32GB of RAM.
Lenovo is making the majority of its new ThinkPads available this summer, with the ThinkPad T14s 2-in-1, ThinkPad T14s Gen 6 and ThinkPad X13 Gen 6 arriving in June 2025 for $1,719, $1,674 and $1,139, respectively. The ThinkPad T14 Gen 6 and ThinkPad T16 Gen 4 are launching a little earlier in May for $1,359 and $1,623. And rounding things out, the ThinkPad E14 Gen 7 and E16 Gen 3 are coming in “Q2 2025” for $849 and $859.
As the 97th Academy Awards are just about to begin, it’s a perfect time to reflect on the history of the Oscars. One of the most prestigious categories is Best Picture, but do you know which film took home the very first-ever Best Picture award? Let’s look back at the moment when the Oscars first began and the film that won the inaugural Best Picture award, marking the start of this celebrated tradition.
Below, find all the details and more about the voting process for the Oscars today.
When Was the First Oscars Ceremony Held?
The very first Academy Awards ceremony took place on May 16, 1929
Where Was the First Oscars Ceremony Held?
In 1929, the first Oscars ceremony was held at the Hollywood Roosevelt Hotel in Los Angeles, California. It took place in the hotel’s Blossom Room ballroom and was an exclusive event with only about 270 guests in attendance.
What Was the First Movie to Win the Oscar for Best Picture?
“Wings” (1927), a silent war film directed by William A. Wellman, won the Best Picture award—along with the Oscar for Best Engineering Effects—at the inaugural Academy Awards ceremony in 1929. It remains the only silent film to win the Academy Award for Best Picture.
Who Decides the Oscar Winners?
The Oscars are voted on by members of the Academy of Motion Picture Arts and Sciences (AMPAS), which consists of over 10,500 members, described as “global film industry artists and leaders.” These members include actors, writers, directors, costume designers, makeup artists, producers, and other professionals from the film industry.
The voting process for the Oscars begins long before the nominations are revealed. For the 97th Academy Awards, the submission deadline for general entry categories was in mid-November, and preliminary voting started on December 9, 2024, as noted on the Academy’s website. Each member casts a vote within their respective category, while all members vote on major awards, including Best Picture. All members can also vote for Best Animated Feature.
In order to determine the winners, all Academy members are eligible to vote in every category. Final votes are cast online, and the results are tabulated by the accounting firm PricewaterhouseCoopers. In most categories, the nominee with the most votes wins.
A popular hotspot loved by British tourists has launched another crackdown to deal with growing overtourism.
Ibiza council and Airbnb have reportedly entered into a “historic” agreement to remove illegal tourist accommodation from the platform, reports Olive Press News.
Under the “pioneering” plan, the illegal properties will be removed from the website, including caravans, tents, yurts and boats.
This means the properties will be taken down “without discussion or appeal” in order to prevent costly legal delays.
The agreement has been signed by Ibiza council leader, Vicent Mari and Spanish Airbnb director, Jaime Rodriguez de Santiago.
Other entities have also been involved in the talks, including the Ibiza Tourist Accommodation Association (AVAT), the Ibiza and Formentera Hotelier Federation (FEHIF) and the Ibiza Tourism Board.
Mari said: “Airbnb has chosen Ibiza to establish their fight against the intrusion of tourist flats.
“The island is small but a big player in Spain’s tourism industry.”
Over 300 adverts have been taken down and Airbnb users during the first 15 days of the operation.
According to the rules, Airbnb users who violate the law will also face being blocked from the platform.
In Ibiza, there are 100 open cases, which is expected to reach over 200 with the introduction of new measures.
Ibiza has seen growing protests from locals who are demanding stricter limits on tourism, driven by concerns over overtourism’s impact on the island’s environment, housing, and social fabric.
Activists and residents are pushing for a reduction in the number of tourists visiting the island, with particular emphasis on limiting cruise ships, private jets, and the promotion of the island as a tourist hotspot.
These protests are part of a wider movement calling for sustainable tourism, with demands including the restriction of holiday rentals, improvement of public transport, and measures to prevent further overcrowding.
Captain America: Brave New World successfully completed its three-peat at the box office by finishing No. 1 for the third weekend in a row. However, it was a hollow victory in the overall grand scheme of things because the theater business suffered yet another stunning financial blow as Captain America 4’s $15 million domestic take led the worst weekend of 2025 yet. In total, all this weekend’s titles only managed to bring in a year-low $52.4 million.
The previous record holder for the worst weekend financially of 2025 went to the three-day period from Friday, Feb. 7, through Sunday, Feb. 9, in which all its film titles only managed to bring in $53.9 million. No. 1 Dog Man led the way that weekend with $13.8 million. Certainly, the moviegoing experience has been suffering since the onset of COVID-19. However, it seemed that the theater business had a legitimate chance to rebound after the devastating effects of the pandemic, which began in March 2020, but nationwide chains like AMC Theatres continue to struggle today.
Heigh-ho, heigh-ho, the live-action reimagining isn’t going to fare too well based on the latest box office forecast.
Consider that in June 2021, a share of AMC stock sold for just over $261.00. As the pandemic emerged in the spring of 2020, it would have only cost an investor around $14.00 by comparison. Today, though, five years after the devastating pandemic began, someone can purchase a single share of AMC stock for only $3.30. Now, the theater biz will obviously post better numbers over the summer when blockbuster hopefuls like Superman, The Fantastic Four: First Steps, and Jurassic World Rebirth drop in cinemas. However, all these poor numbers don’t bode well for the moviegoing experience moving forward, not to mention the toll streaming new titles so quickly after their respective theatrical releases is taking on the cinema business.
‘Captain America 4’ Approaches $350 Million Worldwide
Walt Disney Studios
Box office champ Captain America: Brave New World creeps ever closer to $350 million worldwide thanks to its performance over the weekend. Currently, the Anthony Mackie and Harrison Ford-led superhero flick has brought in $341.8 million globally, but the movie still ranks at the bottom of the barrel when compared to the other entries in the Captain America film franchise. However, Captain America: The First Avenger’s $370.6 million worldwide total (not adjusted for inflation) is clearly in the sights of the MCU’s latest installment.
Meanwhile, newcomer Last Breath lands the silver medal at this weekend’s box office with $7.8 million. Last week’s No. 2 film, The Monkey, dropped 55% between its first and second weekends and checked in at No. 3 with $6.4 million. No. 4 Paddington in Peru brought in another $4.5 million en route to its domestic total of $31.4 million. However, the lovable bear is faring way better overseas to the tune of $133 million, which brings Paddington 3’s worldwide total to $164.4 million in just three weekends of release.
Dog Man rounded out the weekend’s Top 5 with $4.2 million. Director and star Peter Hastings’ animated adventure came out of nowhere to exceed expectations financially with an impressive global take of $113.1 million, even though the film is now available to rent ($19.99) or buy ($24.99) from the comfort of home via the usual VOD platforms. The weekend’s best per-theater average ($10,250) goes to Utopia’s The Accidental Getaway Driver. The crime drama opened in limited release (four venues) and made a total of $41,000. The film was certainly a high point in an otherwise disappointing final weekend of February, but things could start looking up as soon as next week.
Captain America: Brave New World should have some help drawing in audiences, as the Robert Pattinson-led Mickey 17 joins the 2025 box office on Mar. 7. The sci-fi black comedy is forecast to bring in between $15 million and $20 million (per Boxoffice Pro) over its opening weekend. Plus, several other titles will drop during the first full weekend of March, including In the Lost Lands, Queen of the Ring, Seven Veils, and Night of the Zoopocalypse. Hopefully, these newcomers will help reinvigorate the theatergoing experience after such an awful weekend financially.
I’ve seen Avowed criticized for not sharing some immersive elements with similar games, but I think these critiques often miss the point of what the game was trying to do. If you’ve followed the discourse around Avowed, you’ve likely seen quite a few comparisons to Skyrim. However, I think it’s misguided to think that Obsidian simply wanted to make their own version of an existing game and failed to do so. Many of the major differences stand out to me as deliberate design choices, made to prioritize fun over immersion.
I think there’s a tendency to conflate immersive mechanics with engaging ones, but an immersive element of a game isn’t inherently better. A lot of immersive elements in action RPGs tend to just slow things down and force you to focus on unengaging busywork. I enjoyed my first playthrough of Avowed and happily jumped into a second, largely because the game trimmed off the frustrating elements that often kill my enthusiasm in games like Skyrim. Avowed may be a less immersive experience, but for me, it’s ultimately a more engaging one.
Not Having Ammo Makes Playing A Ranger A Better Option
Avowed Doesn’t Force You To Pick Up Arrows Or Buy Bullets
Like most people who have played Skyrim, I have dabbled in the stealth archer build. While it was fun, staying stocked up on arrows was a little tedious for my liking. Every battle ended with me running around to try and salvage any spare arrows, and I frequently had to fast-travel to a town to restock. The last few times I’ve picked up the game, I’ve opted to use either melee weapons or magic to avoid dealing with ammo.
In a recent interview, Avowed director Carrie Patel revealed some of the significant challenges faced by Obsidian during the game’s development.
Avowed solved this issue with one easy design decision: there is no ammo. You can use bows and guns to your heart’s content without spending a single second looting, crafting, or buying any extra items to make them work. This saves a ton of time if you decide to play as a Ranger, something I probably wouldn’t have considered doing if I had been forced to constantly manage my ammo supplies.
Having guns or bows with unlimited ammo may not be very immersive, but it is ultimately a lot more fun. Choosing between a gun or a sword in Avowed is no longer a choice of practicality or saving time, but purely based on your playstyle preference. It also isn’t so immersion-breaking that it took me out of the game. If anything, I was more invested in Avowed’s story because I was allowed to experience it at a more natural pace instead of wasting hours scrounging around for bullets.
No NPC Schedules Cuts Down On Waiting
NPCs Are Always Where You Need Them To Be
One aspect of Avowed that I’ve seen criticized is its lack of schedules for NPCs. In a game like Skyrimor Fallout, NPCs will move around, and certain locations like stores will only be open during certain hours. While this does make for a more believable world, it doesn’t do the gameplay many favors. If anything, it takes away more from the experience than it adds to it, because it creates a lot of needless downtime for the sake of realism. I fail to see what standing around waiting for a shop to open adds to my experience.
Avowed composer Venus Theory has revealed that the game has five endings, at least one of which is really hard to get – but he provides some hints.
It’s also worth noting that this “immersive” element of gameplay leads to behavior that is far from believable. There are plenty of times in Skyrim where I use the wait mechanic to skip hours so I can interact with a shopkeeper. Not only is this tedious and takes time away from actually playing the game, but it’s not exactly any more immersive than Avowed’s stores always being open. If I can suspend my disbelief for the Dragonborn standing in one spot for 12 hours, I can do it for Avowed’s shopkeepers always being at work.
This is another example of how Avowed streamlines its gameplay experience and keeps the pace moving. I doubt that a wait function or schedules were things the developer wasn’t able to include, as they were features in other Obsidian games like Fallout: New Vegas and The Outer Worlds. This would lead me to believe it was deliberately left out as opposed to being some oversight or failure on the developer’s part.
Highlighting Loot Prevents Long Stretches Of Boring Gameplay
Avowed Makes Finding Loot Easier Than More Immersive RPGs
Avowed’s method of highlighting loot is probably my favorite way the game saves time, even if it is at the expense of a more immersive experience. Any lootable object is highlighted with a glow that can be easily seen at a glance. Even better, chests are highlighted with different colors according to the rarity of the loot inside. This means if you see a chest that glows gold, you know that it’s worth trying to reach or spending your lock picks on.
As a quick aside, lock picking is another aspect of Avowed that I really appreciate. Unless someone can develop a lock-picking mini-game that is more than just trial and error, I would much rather a game not have one. Instead of locks with increasingly smaller success windows, Avowed skips the mini-game and simply requires you to have a certain number of lockpicks to open locked chests or doors.
In a recent ScreenRant interview, Avowed composer Venus Theory praised the game’s ability to strike a balance between depth and casual appeal.
Now, I know not everyone agrees with me on this point. I’ve watched multiple people play Fallout and search every drawer, cabinet, and oven they can find in hopes of scoring some worthwhile loot. Avowed knows this too, which is why it gives you the option to switch off Loot Shimmer in the UI menu if you prefer a more immersive searching experience. That said, I don’t think it’s a mistake that Loot Shimmer is on by default, because Avowed seems to be committed to delivering a gameplay experience that is devoid of time-wasters.
Avowed also provides toggles for HUD elements and other prompts like environmental damage interactions, and the focus on clear, consistent design makes it comfortably playable with virtually any balance of information.
Immersion has become a bit of a buzzword in the gaming industry, but I think it’s worth remembering that a game should first and foremost be fun. I don’t care that Resident Evil 4 VR is more immersive, because when I play it, I feel like I’m going to fall and puke. Avowed proves that a game doesn’t need to be an immersive experience to be an engaging one. In truth, I was more absorbed in my playthrough than I have been in most action RPGs specifically because there were no tedious or frustrating elements that interrupted my experience.
Systems
Released
February 18, 2025
ESRB
Mature 17+ // Blood and Gore, Strong Language, Violence
“We are really late, thank you so much for waiting,” politely said the K-pop group Babymonster as the members gathered around a boardroom in the YG Entertainment offices in Seoul.
The seven-member girl group — consisting of Ruka, Pharita, Asa, Ahyeon, Rami, Rora and Chiquita —had been stuck in gridlock traffic as they came directly from rehearsals to the interview.
Babymonster members have been devoting much of their time to rehearsals as they prepare for their debut world tour, Hello Monsters, which stops in Los Angeles on Sunday at the Kia Forum.
The group were visibly excited as their faces lighted up with the prospect of coming to California and meeting their Monstiez — their fandom name — for the first time. Rami also expressed how it was “such an honor” to get the opportunity to perform at a venue like the Kia Forum and follow in the footsteps of K-pop idols such as aespa, Suga of BTS and Blackpink.
Babymonster members were tight-lipped about what L.A. fans could expect from the upcoming show as they wanted it to be full of surprises and wanted each show to be different and fun for the fans.
Despite their young age — with the youngest member Chiquita being only 14 years old when she debuted — the group members have carried this same confident and graceful demeanor throughout their journey to stardom.
The members were brought together from all over Asia — South Korea, Japan and Thailand — to take part in the high-pressure audition process to form Babymonster and enter the K-pop scene.
“We were really young when we came into this company but we came in knowing that we wanted to do it. There was a lot of pressure on us but we enjoyed some of the moments under that pressure,” said Pharita. “We enjoyed developing ourselves and working towards our goals and we are happy where we are.”
Babymonster made its official debut with a self-titled mini-album in April 2024 and in less than a year, the young group members have been propelled to stardom and captured the imaginations of fans across the world.
“It hasn’t even been a full year since we debuted with our mini-album, ‘Babymons7er,’ but we are so happy with how everything has turned out and incredibly grateful to have received so much love from the beginning,” said Rami.
The self-titled mini-album introduced fans to the group’s versatility and emphatic performances with tracks such as “Sheesh,” “Like That” and “Batter Up.”
The group members further built upon their success with their debut studio album, “Drip,” which was released in November 2024.
If you talk to Babymonster long enough, then a word that will inevitably come up: “swagger.” This is at the heart of everything they do as they effortlessly express themselves through their music, fashion and performances.
A song that encapsulates that swagger is the title track, “Drip,” which quickly became a fan-favorite with its infectious hooks and braggadocious lyrics such as “I could be the GOAT.” Babymonster believes that this track perfectly encapsulates the image the group wants to project — showing their true colors with a “super hype” track.
The track — which has almost 120 million streams on Spotify alone — was a huge moment for the group as it further showcased its versatility with the unexpected help of K-pop idol G-Dragon.
The Bigbang rapper — who recently released his first full-length album in 12 years — has been supportive of Babymonster during the group’s rise to fame as he watched the group’s live performance in Seoul in October and also contributed to their title track, “Drip.”
Babymonster
(Courtesy of 42West)
“G-Dragon is a senior that we really look up to and we really want to express our gratitude towards the support we received throughout the production of ‘Drip,’ ” said Rora. “G-Dragon provided a lot of help with the demos he sent over and tried to play around with different tones and the swag and hip-hop vibe was something that Babymonster played around with to showcase their best.”
Asa added: “At first, there originally wasn’t a rap part, but after we received a G-Dragon demo we played around with the raps and it was able to showcase the swag that G-Dragon possesses.”
When talking with Babymonster, it became evident very quickly how motivated the group was to grow as artists. They are inspired by their “seniors” — artists who debuted before them — and watch performances from groups such as 2NE1 and Blackpink.
They also meticulously rewatch their own performances to “monitor their growth” and learn from past experiences, ensuring they continue to grow as artists.
Ahyon shared that when performing at concerts, they fully immerse themselves in the moment and enjoy the energy. “It was a really happy time for us and it’s a very important thing for artists to feel the happiness on stage. [We were able to] express ourselves and feel that vibe and energy.” They remain committed to learning from every experience and deliver even better performances for their fans in the future.
Babymonster remains one of the leading fifth-generation K-pop groups — artists who made their debut after 2023 — and look to follow in the footsteps of their labelmates Blackpink by bringing Korean culture to the masses.
“We are thrilled to see Korean culture spread across the world and it’s all thanks to our seniors, who have been doing this continuously for the past [few] years,” said Rora. “Babymonster plans to work as hard to continue this momentum and spread K-pop and Korean culture to the whole world.”
Shakira called off her concert in Santiago, Chile, tonight (Sunday, March 2), just hours before the show at Estadio Nacional was scheduled to go on.
“I am heartbroken that I cannot sing for you today for reasons beyond my control,” the Colombian superstar wrote in a statement posted on social media. In her note, she explained that there were safety concerns regarding her stage production at the stadium, which is located in Santiago’s Ñuñoa district. Shakira was expected to perform at Estadio Nacional for two nights, both of which were sold out.
It’s the second Latin American city to be postponed citing local production issues on Shakira’s Las Mujeres Ya No Lloran Tour, following the cancellation of her Feb. 24 show in Medellín, Colombia — and the third total that she’s had to reschedule since bringing her world tour to the region in February. On doctor’s orders, Shakira couldn’t perform in Lima, Peru, on Feb. 16, as she was hospitalized with an abdominal condition.
“To my fans,” Shakira wrote in her Sunday update, “you who have been with me for more than 30 years know more than anyone else my professional ethics and how much I strive to always give you the best. For a year I have worked tirelessly, night and day, on the smallest details to achieve an unforgettable experience for my fans as they deserve and as we have been able to enjoy together during the concerts I have been performing.”
The star expressed that connecting with fans every night on tour “is a big part of what makes me wake up every day wanting to celebrate life,” then broke the news that her performance in Chile must be postponed:
“You can imagine how painful it is for me as an artist to see that after so many efforts to come to this country that I love so much, my show in Chile on this occasion must be rescheduled due to circumstances beyond my control or that of my production.
“When an artist travels to a country, their production and team become directly dependent on the local producers. My staff and I trusted at all times that the production company hired by the local promoter would follow to the letter the specifications that were diligently provided by us so that a show of the magnitude of this one could take place.
“The Las Mujeres Ya No Lloran Tour, which I wanted to start in my home, Latin America, is the biggest tour of my career and currently one of the biggest productions in the world. With a stage that weighs 62 tons, unfortunately we have found that the floor of the place where my stage would go is uneven and is not properly stabilized to ensure the safety of my band, dancers, my fans and myself.
“There are two things I would never compromise and that is the safety of my team and my fans, and I would never offer you a show below the quality standards you deserve.”
Shakira intends to return to Chile as soon as possible — even if she has to “inspect the floor and every last screw in the structure that supports my stage” herself, she says.
On the event’s ticketing page, Fenix Entertainment shared the same information in a statement on Sunday: “We regret to inform you that during the assembly process of the show scheduled for today (March 2) at the Estadio Nacional de Santiago de Chile, we have encountered technical problems beyond the control of the artist and their production that prevent the correct development of the concert, since the floor where the stage would be located is uneven.”
The next city on Shakira’s Las Mujeres Ya No Lloran Tour itinerary is Buenos Aires, Argentina, where she’s set to perform at Campo Argentino de Polo on March 7-8.
See her full note about the Chile concert postponement here.
Georgina Rodriguez recently spent some quality time with one of her kids. On February 27, the model took to Instagram to post a video of her teaching a sensory game to her toddler. Although the video did not reveal the face of the kid, the child appeared to be her 2-year-old baby daughter, Bella.
Georgina Rodriguez’s new video with her kid is so wholesome
Georgina Rodriguez has proven time and again that she is a wonderful hands-on mom with all her kids. The model and media personality recently shared a fun and playful moment with her baby daughter. In the caption of the recently posted Instagram video, Rodriguez revealed what activity she and her child were doing together in the clip. The caption (originally in Spanish) read, “Sensory games with my baby,” with a pink heart emoji.
The clip, which used David Rees’ 2020 song “De Ellos Aprendí” as the background music, began with a little girl sitting on a little chair in front of a table. A white sheet of paper and several cotton swabs with different colors on their tips were given to her. The colors were red, pink, blue, green, yellow, purple, and lime green. The toddler played with the colorful cotton swabs as her mother, Rodriguez, gently guided her.
In the video, Georgina Rodriguez’s daughter wore an adorable full-sleeved dress in powder pink, whose ruffle detailings were in the shade of dark brown. Viewers can also see the baby girl donning a cute bow headband in white and sky blue on her head. After the toddler was able to successfully finish the sensory game, she clapped cheerfully.
Previously, Georgina Rodriguez shared glimpses of her partner and star football player, Cristiano Ronaldo’s 40th birthday celebration on Instagram. One of the photos in the carousel showed the couple sitting with all their kids in a cozy set-up as they enjoyed the day celebrating Ronaldo.
Like always, the night of the Oscars means celebrating the best of film from the past year as well as admiring what the stars — those nominated, those presenting, and those just attending — are wearing.
The 2025 Oscars will air live on Sunday, March 2, at 7/6c on ABC and, for the first time, streaming live on Hulu, from the Dolby Theatre at Ovation Hollywood with Conan O’Brien hosting.
The 97th Annual Academy Awards will also feature Nick Offerman as the announcer, as well as performances by Doja Cat, Erivo, Grande, Queen Latifah, Lisa of Blackpink, and Raye. Erivo and Grande might be opening the awards show with something from Wicked, but that hasn’t been confirmed.
Julianne Hough and Jesse Palmer are the hosts of the official red carpet show, starting at 6:30/5:30c on ABC leading up to the broadcast of the awards ceremony. Tune in to see them interviewing stars.
Scroll down for a look at the stars on the red carpet. Plus, check out the couples at the event on our sister site Swooon here.
2025 Oscars, Live, Sunday, March 2, 7/6c, ABC and Hulu
People keep trying to breathe life into the BP (LSE: BP) share price. Former CEO Bernard Looney gave it a go by turning the oil giant green.
In 2020, BP pledged to cut oil and gas production by an ambitious 40% by 2030. That didn’t fly. It ended with the shares trading at a significant discount to peers such as Shell and ExxonMobil.
Last week, newish boss Murray Auchincloss did a reverse ferret. He’s now aiming to more than double BP’s market value within five years by returning to fossil fuels.
This FTSE 100 stock is all over the shop
Auchincloss was spurred by the attentions of hedge fund Elliott, which has built a 5% stake in the FTSE 100 oil major.
Options included stripping down the company, dumping net zero, re-listing in New York and possibly all three and more. Others have mooted a tie-up with rival Shell.
All of which keeps the analysts busy, but is this just displacement activity? Should we accept that the BP share price just ain’t all that?
The numbers tell a bleak story. The share price has fallen 5.4% in the past year and is down 20% over two years.
Despite the 2022 energy shock, today’s price of 439p leaves it trading at similar levels to a decade ago. At least investors have got their dividends.
BP looked good value a month or two back, with a price-to-earnings (P/E) of around six. I turned my back, only to discover that the P/E has soared to a staggering 231 times.
On 14 February, BP posted a full-year profit of just $381m, down from $15.24bn in 2023. It made a loss of $1.96bn in Q4.
At least the dividend still holds. The yield stands at 5.6% on a trailing basis and is forecast to hit 6.1% this year. Cover is decent at 1.8.
BP has also been generous with share buybacks. It promised another $1.75bn in Q1 2025. But it looks increasingly like the company will have to borrow to fund them. That’s not sustainable.
I’m just counting on dividends
BP’s strategy reset, announced by Auchincloss on 26 February, marks a dramatic shift. He plans to increase annual spending on oil and gas by about 20% to $10bn while slashing renewables investment.
BP also aims to sell $20bn in assets by 2027, including possibly offloading Castrol and its stake in solar developer Lightsource BP.
It also hopes to slash net debt from $23bn to between $14bn and $18bn by the end of 2027. All of this will no doubt help. But I feel BP still looks like it’s blowing with the wind.
When net zero was all the rage, it went along with that. Now we’re drilling again, BP’s back to oil and gas. That’s no way to run an oil rig.
At least now it’s on home ground, I suppose. But this crisis does mean one thing. BP can’t afford to sit about any longer. As the stakes climb, somebody has to breathe life into the share price.
I hold the stock and I’m not giving up yet. I”ll just sit tight and keep reinvesting my dividends. At some point, all this activity has to lead to something, doesn’t it?
