Contrarian Corpus
Bluebell Capital vs. BP plc

BP plc · BP

9 decks published between 2023-10-04 and 2024-10-21 — 163 pages, 163 analysed slides total.

initial thesis follow up response

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-10-04 initial thesis

    41c367_16a1f185fae84562bf27c2401cfbfccb

    30pp · letter

    BP trades at a 44% discount to US majors because Looney's pivot away from oil & gas destroys value; reverse the strategy, return capital, and unlock 50%+ upside.

    N 4 V 2 C 1
  2. 2024-04-18 follow up

    41c367_fce49bd3ed104e12ad94f308114deceb

    43pp · letter

    BP's pledge to 'enhance lives' and protect biodiversity is exposed as hollow after a UK court quashed Lightsource BP's Burnhope solar farm for covertly oversizing the project.

    N 3 V 2 C 1
  3. 2024-05-01 follow up

    41c367_f220bb5d0044447db60bccab6facf584

    49pp · letter

    BP under Lund and Looney's failed energy-transition strategy has produced sector-worst TSR, a record valuation discount, and governance failures — the board must engage with dissenting shareholders.

    N 3 V 2 C 2
  4. 2024-05-07 response

    41c367_ae231b16feb04b86b2e3f8939b6e973a

    1pp · response_filing
    N 1 V 2 C 1
  5. 2024-05-13 follow up

    41c367_f1116db36ad9467c97110f71ed2d1a71

    2pp · letter

    Bluebell escalates to BP's Senior Independent Director, arguing that Dame Amanda Blanc's refusal to meet breaches her governance duty and undermines her independence.

    N 2 V 2 C 1
  6. 2024-07-23 follow up

    553283_aa1eaeb30be944cda8cee70b7803d679

    20pp · letter

    BP's Board greenlit an unlawful solar-planning strategy and a value-destroying green pivot; replace the Chair, Senior Independent Director and CEO, or halt the renewables burn.

    N 4 V 2 C 2
  7. 2024-09-25 follow up

    41c367_096fdc22930e48edad7910aca8df3b02

    9pp · letter

    BP's 2020 energy-transition strategy is collapsing in serial U-turns and missed targets; removing Chairman Helge Lund and Lead Independent Director Amanda Blanc is essential to restore accountability.

    N 4 V 2 C 2
  8. 2024-10-07 follow up

    41c367_e950653404bf48cda02e6e3ebce16442

    4pp · letter

    BP's ideologically driven 2023 strategy has failed; the Chair and Lead Independent Director must go, and the leaked U-turn on oil output breaches listing rules.

    N 3 V 2 C 1
  9. 2024-10-21 follow up

    41c367_db4462a50ad245b297018fa88774a3af

    5pp · letter

    Bluebell publishes ten pointed questions BP must answer at the 29 Oct 2024 Q3 call, demanding transparency on abandoned EBITDA, production and energy-transition targets and faulting Board oversight.